RP, China Strengthen Economic Relations further.(Business)
Byline: BERNIE CAHILES-MAGKILAT
The Philippines and China have forged stronger bilateral economic relations, a move seen to reduce Philippines long and heavy dependence on the United States as a major exports market.
The strengthening of bilateral relations was reached at the conclusion of the 22nd Philippines-China Joint Trade Committee (JTC) meeting where both parties resolved a number of outstanding issues mostly on the issue of market access to the huge Chinese market.
"Leaders of both delegations agreed to strengthen bilateral relations by improving the current bilateral trade and investment structure through complementary product diversification and intensified two-way investment," said Trade and Industry Secretary Manuel A. Roxas II reported.
Trade and Industry Undersecretary Thomas G. Aquino and Vice Minister An Min of the Ministry of Foreign Trade and Economic Cooperation led the respective delegations from the Philippines and the People's Republic of China (PROC).
The 22nd JTC meeting was the first since China was admitted to the World Trade Organization (WTO).
The Philippines was optimistic that China will further improve market access for Philippine products including copper cathodes, fertilizer and sulfuric acid.
Increase in the proportion of electronics products and an enhanced cooperation in the field of information and communications technology were also considered.
Further tariff reduction on the Philippines' carageenan from the current 12. …