Philippines president Ferdinand Macros. Jr met Chinese President Xi Jinping in Bejing on his 3-day state visit. A joint statement was released stating full economic cooperation and dispute resolution on the South China Sea.
The Philippines previously raised serious concerns about Chinese ship Embankments in the regional territorial waters, stating the region as a part of the South China Sea which becomes a hurdle for the local fishermen to trade.
This region has greater importance with full of marine resources along with oil and natural gas. Both leaders sought a fair resolution in a recent meeting.
Macros and Xi Jinping agreed on strategic economic cooperation and increased bilateral ties concerning trade and investments. Beijing shows interest in key areas like a Belt and Road initiative in manila, state infra projects, and the supply of defence equipment and technology transfer for security.
The statement includes a wide range of enhancements in exports of agricultural and marine products. The MoU signed between the nations on the stock exchanges and Capital investment for a balance of trade. Beijing agreed to provide vaccines and health assistance with the supply of Medical equipment.
Philippines Economy:
The Philippines is a tourist-centric country, where the travel and tourism sector plays a key role in the country’s GDP and helps for a balance of trade. The pandemic hit’s the countries’ imports and exports due to travel bans since 2019, new rules have been formulated in recent days to improve tourists visiting with an increase in airlines from China and other countries.
Manila, a member country in the Association of Southeast Nations (ASEAN ), and China held as the first FTA member with the ASEAN nations, hold a strong strategic partnership with multilateral cooperation for peace and stability in and around the region. The recent agreement upholds and improves the cooperation between the two parties.
