The UK is set to start trade talks with the Philippines after the country lifted bans on British beef and poultry. Trade Minister Douglas Alexander will meet Undersecretary Allan Gepty to discuss expanding trade, focusing on infrastructure, renewable energy, agriculture, and technology. The agreement represents a significant step in UK-Philippine relations, estimated to benefit the UK meat industry by £80 million over five years.
The UK is preparing to initiate trade discussions with the Philippines following the country’s decision to lift an import ban on British beef and poultry products. The engagement will be led by Trade Minister Douglas Alexander, who is scheduled to meet Philippine Undersecretary Allan Gepty in London to advance the nations’ economic partnership, valued at approximately £2.8 billion ($3.6 billion) annually. Key areas of focus will include infrastructure, renewable energy, agriculture, and technology.
The lifting of the beef import ban came after a prior incident involving Bovine Spongiform Encephalopathy, commonly known as mad cow disease, discovered on a British farm. Additionally, a ban on poultry imports due to a bird flu case has been rescinded. This easement is projected to benefit the UK meat industry by an estimated £80 million over five years.
Minister Alexander emphasized the significance of the discussions, stating this “signifies an important new chapter in our trading relationship with the Philippines, one of Asia’s fastest-growing economies.” He highlighted the UK’s commitment to being “open for business in Asia” to stimulate economic growth.
These dialogues are part of a broader strategy initiated by the UK trade department since the Labour party’s victory in July. As protectionist measures from the US, the UK’s largest trading partner, prompt a reevaluation of economic ties, the UK is seeking to strengthen relationships with nations like China, South Korea, and Malaysia.
Furthermore, Britain aims for a post-Brexit recalibration in its dealings with the European Union and is negotiating a new economic agreement with the Trump administration. The discussions will encompass proposals for up to £5 billion in financing through UK Export Finance to support sustainable public infrastructure in the Philippines.
The UK’s upcoming trade discussions with the Philippines represent a strategic move to enhance bilateral economic ties following the lifting of the beef import ban. This initiative signifies an important shift in trade relationships, emphasizing infrastructure and economic cooperation. As the UK diversifies its trading partnerships, these discussions are integral to fostering economic growth post-Brexit and amidst global trade changes.
Original Source: www.livemint.com
