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The United Kingdom and the Philippines plan to sign an agreement to streamline intergovernmental trade processes.
The British ambassador to the Philippines, Buffels, said a memorandum of understanding is being developed to facilitate intergovernmental trade, with a focus on streamlining arrangements for large purchases.
The trade relationship between the two countries has continued to improve, and the bilateral trade volume has reached an all-time high, creating favorable conditions for the relationship between the United Kingdom and the Philippines. Total trade in goods and services between the UK and the Philippines increased by 32% in the four quarters to Q2 2023 to £2.9 billion.
2024 is expected to see a strong rebound after a decline in meat exports in 2023, especially for UK pork and beef products.
(Source: inquirer Image source: freepik)
