The Philippines and China have agreed to further increase a more balanced bilateral trade and expand capital market cooperation.
In a joint statement released following the meeting between President Ferdinand R. Marcos Jr. and President Xi Jinping, both sides agreed to further strengthen cooperation in trade, agriculture, infrastructure, and other areas.
“The two leaders highlighted the importance of promoting more balanced trade between the two countries by facilitating greater market access for Philippine exports into China,” the statement said.
Both sides also welcomed the updating of the Memorandum of Understanding (MOU) between the Shenzhen Stock Exchange and the Philippine Stock Exchange, further expanding the areas of capital market cooperation between the two countries.
The two sides also welcomed the signing of numerous agreements between the business sectors, contributing to economic growth and development for both countries.
“Both sides will continue to promote sustainable and inclusive trade bilaterally and regionally, enhance cooperation in the areas of digital economy and green development,” it said.
The two countries also agreed to cooperate further on agricultural development, with the two leaders witnessing the signing of several agreements on agriculture such as the Action Plan on Agriculture and Fisheries Cooperation (2023-2025), the handover certificate of Philippine-Sino Center for Agricultural Technology-Technical Cooperation Program Phase III, and the Protocol Agreeing on the Phytosanitary Requirements for Philippine Fresh Durian Exports to China.
At the same time, the Philippines extended appreciation to the Chinese government for providing urgently needed agricultural inputs.
In infrastructure development, the two countries agreed to carry forward high-quality projects under the Belt and Road Initiative (BRI) and the “Build, Better, More” infrastructure program to spur economic growth.
Both countries signed an updated MOU on the BRI, and the Framework Agreement on Priority Bridges Crossing Pasig-Marikina River and Manggahan Floodway Bridges Construction Project, and two handover certificates on successfully completed Chinese-funded Philippine infrastructure projects.
They also discussed loan agreements that would support Philippine infrastructure development.