The Philippines promoted opportunities for Filipino workers to be trained in green jobs, which can be Australia’s source of talent and skilled workers, among others, according to the Department of Trade and Industry (DTI).
In a statement issued on Thursday, the Trade department divulged that Trade Secretary Alfredo E. Pascual discussed with Australia’s Trade and Tourism Minister Don Farrell and his delegation last April 25 “enhancement” of current relations as both countries deepen their strategic partnership.
Economic and trade relations with Australia are undertaken through bilateral and regional mechanisms such as the Philippines-Australia Industry and Investments Dialogue (PATIID), the Philippines-Australia Ministerial Meeting (PAMM), and the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), DTI noted.
“Through these mechanisms, we hope to work with Australia in improving the country’s market access and achieving a more balanced trade,” Pascual said.
According to DTI, Pascual and Farrell recognized the opportunities for collaboration in the field of renewable energy. For his part, Farrell highlighted that they see the Philippines as an important partner, especially as they undertake measures to decarbonize their economy.
In line with this, the Philippines’s trade chief encouraged players to look into the country’s renewable energy sector, noting that the country recently allowed full foreign ownership in the renewable energy sector.
“The Philippines is likewise transitioning towards increased renewable energy usage. We recently liberalized the investment regime to allow the entry of more foreign players in the wind, solar, tidal sectors,” Pascual noted.
“We also welcome players that can add value to our rich mineral reserves of nickel, copper and cobalt for the processing of batteries for electric vehicles,” he added.
Further, the Ministers identified a number of “mutually beneficial” industries and sectors for close collaboration, including hydrogen, technical and vocational education and training (TVET), and tourism.
“The Philippines also promoted the opportunities for Filipino workers to be trained in green jobs, which can be Australia’s source of talent and skilled workers,” DTI said.
Meanwhile, DTI noted the ongoing upgrade negotiations of the Asean-Australia-New Zealand Free Trade Area (AANZFTA), which it said is “expected to deliver huge benefits in the services sector and other non-market access areas,” was also among the points discussed during the meeting.
DTI announced in November 2022 that Asean, Australia and New Zealand introduced the inclusion of new Chapters on Government Procurement, MSMEs, and Trade and Sustainable Development to facilitate growth anchored on an inclusive and sustainable regional economy.
“With the inclusion of the new chapters, the upgraded AANZFTA is viewed to benefit both regions in a broad spectrum of areas. Among others, the agreement will accelerate supply chain integration and resilience; ensure a smooth flow of essential goods during crises; deepen services and investment liberalization; and support electronic commerce and digital transformation,” the DTI said in a statement issued last November 2022.
In 2022, Australia was the Philippines’s 14th top trading partner (out of 231), 18th export market (out of 213), and 12th import supplier (out of 216), with total trade of US$3.4 billion.
According to DTI,it was also the 11th largest source of approved investments at P722.26 million during the same year.