The UK is set to begin trade talks with the Philippines after the latter lifted its import ban on British beef and poultry. The £2.8 billion trading relationship will focus on infrastructure, renewable energy, agriculture, and technology, with discussions led by Trade Minister Douglas Alexander and Philippine Undersecretary Allan Gepty. This dialogue represents a strategic effort to broaden trade ties amid changing global dynamics, particularly post-Brexit.
The United Kingdom is preparing to initiate trade discussions with the Philippines following the latter’s decision to lift an import ban on British beef and poultry products. This dialogue, set to begin with Trade Minister Douglas Alexander and Philippine Undersecretary Allan Gepty meeting in London, seeks to strengthen the trading relationship valued at approximately £2.8 billion annually, focusing on areas such as infrastructure, renewable energy, agriculture, and technology.
The improved trade relations arise after the Philippines rescinded its ban on UK beef, imposed due to the discovery of Bovine Spongiform Encephalopathy last year. Additionally, the lifting of the poultry import ban, initially prompted by a case of bird flu, is projected to bolster the UK’s meat industry by £80 million over five years.
Trade Minister Douglas Alexander emphasized the significance of this agreement, stating, “Today’s talks signify an important new chapter in our trading relationship with the Philippines, one of Asia’s fastest-growing economies.” He underscored the importance of demonstrating that the UK is open for business in Asia, which he views as essential for fostering economic growth under the current government.
This trade dialogue is part of a broader strategy initiated by the UK’s Trade Department since Labour’s electoral victory last July. While the United States remains the UK’s foremost trading partner, Britain is exploring additional markets such as China, South Korea, and Malaysia due to protectionist measures from the Trump administration.
In addition, Britain is working towards redefining its economic relationship with the European Union post-Brexit and is engaged in discussions with the US administration to formulate a new economic deal. During the upcoming meeting, Alexander and Gepty will also explore proposals for financing of up to £5 billion from UK Export Finance, to aid in developing sustainable public infrastructure in the Philippines.
In conclusion, the UK is poised to enhance its trade relations with the Philippines following the lifting of import bans on beef and poultry products. This initiative is part of a broader effort to strengthen ties with growing Asian economies, reflecting the UK’s commitment to diversifying its trade relationships post-Brexit. The upcoming discussions will address significant investment opportunities and underline the UK’s proactive stance in international trade.
Original Source: www.livemint.com
