A "Joint Declaration by China and the Philippines" was announced on November 21st. The declaration states that in the field of trade China will accelerate the approval of relevant certification processes and expand the import of such top-quality agricultural products as tropical fruit from the Philippines. This is an effort to improve the trade balance between the two countries.
In addition, the two countries aim to improve cooperation through the "Six Year Plan for Trade Cooperation (2017-2022)". This agreement promotes the use of local currency in bilateral trade, accelerates cooperation between customs services in both countries, and promotes the facilitation of trade activities. At the same time, the two countries will also speed up the "Plan for Industrial Cooperation between China and the Philippines". This plan aims to create more favorable conditions for companies in both countries to invest in each other.
Source: Beijing Business Paper
