The European Union and the Philippines cemented a new trade and development cooperation agreement on the sidelines of the Association of Southeast Asian Nations Regional Forum in Phnom Penh, Cambodia.
The European Union and the Philippines aim to boost trade, tourism and open up investment opportunities with their signing Wednesday (July 11) of a Partnership and Cooperation Agreement.
The partnership and cooperation agreement, signed July 11, highlights the two parties’ commitment to work together and promote dialogue on a number of development issues, including disaster risk management, energy, transport, information and communications technology, and health, as well as on the issue of refugees and internally displaced people.
Although the PCA is the first bilateral agreement since 1980, according to a press release, both parties have long been political and economic partners. In 2011, the Philippines received 2.5 billion Philippine pesos ($59.6 million) in development assistance from the European Union. The Asian nation’s trade with the Western bloc, meanwhile, amounted to $10.4 billion the same year, the Philippines’ foreign affairs department said in a news release.
The agreement, which is valid for five years, was signed by EU High Representative for Foreign Affairs and Security Policy and European Commission Vice President Catherine Ashton and Philippine Foreign Affairs Secretary Albert Del Rosario. They agreed to “make available” resources to meet the objectives covered in the agreement.
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