Minister for Trade Policy and Economic Security Douglas Alexander and Philippine Department of Trade and Industry Undersecretary MoU on Joint Economic and Trade Committee
In a landmark move to enhance bilateral trade relations, the United Kingdom and the Philippines convened for the inaugural Joint Economic and Trade Committee (JETCO) meeting. The JETCO, aimed at upgrading the existing trade relationship valued at £2.8 billion in 2024, saw key ministers from both nations agree on pursuing closer co-operation and increased trade across multiple sectors.
UK Minister for Trade Policy and Economic Security Douglas Alexander and Philippine Department of Trade and Industry Undersecretary Allan B. Gepty led the discussions, focusing on sectors such as infrastructure, renewable energy, agriculture, and economic development.
The meeting marked a significant step forward in the trading relationship between the two countries, with Minister Alexander emphasising the importance of this new chapter. “Today’s talks signify an important new chapter in our trading relationship with the Philippines, one of Asia’s fastest-growing economies,” he stated.
A major outcome of the JETCO meeting was the commitment to progress work towards a government-to-government Financing Framework Partnership. This partnership will expand access to £5 billion in financing from UK Export Finance (UKEF) to support the delivery of sustainable public infrastructure in the Philippines. It will also facilitate improved access to UK expertise and technology, crucial for the Philippines’ development goals. Undersecretary Gepty highlighted the strategic importance of the UK’s presence in Southeast Asia, noting, “The UK’s strong presence in Southeast Asia is expected to help stabilise trade and investment relations among economies operating in the region. And the Philippines is able and willing to be the UK’s strategic link in the region.”
The JETCO meeting also underscored significant investment opportunities for UK agricultural companies in the Philippines.
The recent removal of bans on beef and poultry exports from the UK has opened up new avenues for Filipino consumers to access UK meats in local markets. This move is expected to boost trade and improve food security in the region. Renewable energy emerged as another key area of focus during the discussions. In 2024, the UK was the largest single investor in the Philippines, driven primarily by investments in renewable energy. The removal of foreign equity restrictions for renewable energy companies in 2022 has further enhanced opportunities for UK companies in this sector. The JETCO meeting aimed to capitalise on these opportunities, fostering greater collaboration and investment in sustainable energy solutions.
The growing digital and tech trade between the UK and the Philippines was another highlight of the JETCO meeting. The upcoming UK-Southeast Asia Tech Week in Manila, scheduled for next week, will bring together leading tech companies, policymakers, and start-ups from both countries. The event will feature two days of discussions, networking, and innovation showcases, further strengthening the digital and tech ties between the UK and the Philippines.
The JETCO meeting signifies a new era of co-operation and mutual economic growth between the UK and the Philippines. With commitments to expand financing, promote investment in key sectors, and enhance digital and tech trade, the future looks promising for both nations. As Undersecretary Gepty emphasised, the Philippines is poised to be a strategic link for the UK in Southeast Asia, fostering stability and growth in the region.
As the UK continues to expand its presence in Southeast Asia, the Philippines stands as a crucial partner in achieving these goals. The JETCO meeting is a testament to the shared vision of both countries to build a robust and sustainable economic relationship, benefiting both nations and the broader Southeast Asian region.
