The UK is set to engage in trade talks with the Philippines after the latter lifted an import ban on British beef and poultry products. Trade Minister Douglas Alexander will meet with Philippine Undersecretary Allan Gepty to discuss enhancing trade relations, emphasizing sectors such as infrastructure and renewable energy. The move is estimated to benefit the UK meat industry significantly over five years, reflecting the growing economic ties between the two nations.
The United Kingdom is preparing to initiate trade discussions with the Philippines following the latter’s decision to lift an import ban on British beef and poultry products. Trade Minister Douglas Alexander is scheduled to meet with Philippine Undersecretary Allan Gepty in London on Monday to strengthen the nations’ trading relationship, valued at approximately £2.8 billion ($3.6 billion) annually. The dialogue will encompass crucial sectors such as infrastructure, renewable energy, agriculture, and technology.
This development follows the Philippines’ agreement to remove an import ban on UK beef, enforced due to a case of Bovine Spongiform Encephalopathy, commonly known as mad cow disease, discovered on a British farm last year. Additionally, the country has lifted its ban on poultry imports due to a previous bird flu case. This decision is projected to enhance the UK meat industry’s revenue by approximately £80 million over the next five years.
Minister Alexander remarked on the significance of these discussions, noting, “Today’s talks signify an important new chapter in our trading relationship with the Philippines, one of Asia’s fastest-growing economies.” He emphasized the importance of demonstrating to Asia that the UK is available for business, underscoring the government’s commitment to stimulating economic growth.
This dialogue is part of a broader series of discussions initiated by the trade department since the Labour party came into power last July. While the United States remains the UK’s primary trading partner, protectionist policies under the Trump administration have motivated the British government to explore strengthening ties with other countries, including China, South Korea, and Malaysia.
Furthermore, Britain is seeking to redefine its economic relationships post-Brexit with the European Union and continues discussions with the Trump administration regarding a potential new economic agreement. In their meeting, Alexander and Gepty are also expected to discuss a proposal for £5 billion in financing from UK Export Finance to support sustainable public infrastructure development in the Philippines.
In conclusion, the United Kingdom’s upcoming trade discussions with the Philippines represent a significant opportunity for both nations. Following the removal of import bans on UK beef and poultry, the UK aims to strengthen its trade ties with the Philippines, focusing on various sectors. The talks illustrate the UK’s commitment to expanding its global trading relationships while navigating challenges posed by existing partnerships, particularly with the United States and the European Union.
Original Source: www.livemint.com
