Taiwan yesterday signed three memorandums of understanding (MOU) with the Philippines as part of ongoing efforts to push for an economic cooperation agreement between the two nations, the Ministry of Economic Affairs said.
The announcement came after trade representatives from Taiwan and the Philippines wrapped up a two-day annual ministerial meeting in Manila. The meeting was headed by Minister of Economic Affairs John Deng (鄧振中) and Philippine Cabinet Secretary Jose Rene Almendras.
The two sides took a step toward signing the economic cooperation agreement by forming a joint task force to promote mutual economic cooperation, the ministry said in a statement.
Under the MOU, the two nations are to pursue cooperation between Taiwan’s export processing zones and the special economic zones in the Philippines’ Subic Bay and Clark, as well as enhancing collaborations in e-commerce, according to the statement.
Trade representatives discussed potential partnerships regarding small and medium-sized startups, renewable energy technologies — including solar and geothermal energy — and manufacturing sectors, the statement said.
The Philippines is Taiwan’s 11th-largest trade partner, the ministry said. Bilateral trade between the two nations totaled US$11.6 billion last year, according to data provided by the ministry.
According to Philippine government statistics, from 1959 to June this year, Taiwan invested a total of US$2.16 billion for 1,076 projects in that country, making Taiwan the Philippines’ 11th largest source of foreign direct investment.
The southeastern Asian country, which has a population of 100 million, recorded annual GDP growth of 6 percent on average over the past four years, meaning that it is full of business potential for Taiwanese investors, the ministry said.
The ministry said it has arranged three business trips to the Philippines to facilitate economic cooperation between the two nations, with owners of small and medium-sized companies, e-commerce firms and geothermal energy developers set to take part in the trips.
During his trip to Manila, Dang called on the Philippines to support Taiwan’s participation in the talks to join the Regional Comprehensive Economic Partnership (RCEP), the ministry said.
Philippine trade representatives responded positively to Dang’s call, according to the ministry.
The RCEP is a proposed free-trade area comprised of 16 nations and spearheaded by Beijing. If realized, it would encompass 3.4 billion people, including the 10 ASEAN members, becoming the largest such bloc in the world.
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