RP-China trade seen ending year at $30B

Business World

TRADE between the Philippines and China significantly increased in the 10 months to October, as a free trade pact between the regional giant and members of the Association of Southeast Asian Nations (ASEAN) took effect at the start of the year, the Chinese envoy to the Philippines said in a briefing yesterday.

Bilateral trade between the Philippines and China hit $22.7 billion as of October, a 40.2% rise from the same period last year, said Liu Jianchao, Chinese ambassador to the Philippines. Of the amount, the Philippines exported $13.3 billion worth of products to China and imported about $9.4 billion, he said.

Mr. Liu attributed this increase to the ASEAN-China Free Trade Agreement, signed in November 2002 and which took effect last Jan. 1. "[The agreement] is a tremendous boost to the trade relations between China and ASEAN countries...The figure itself has shown the Philippines has enjoyed good [trading]."

Mr. Liu said he was optimistic that two-way trade will reach $30 billion by yearend.

He also encouraged the government to continue efforts to improve infrastructure and rules for business, "so that investors would know that they don’t have to go through large formalities to enter the Philippines." -- NMR