The UK is set to commence trade negotiations with the Philippines after the latter lifted its import ban on British beef and poultry. Trade Minister Douglas Alexander will meet with Philippine Undersecretary Allan Gepty to discuss enhancing trade ties valued at £2.8 billion annually, focusing on infrastructure, renewable energy, agriculture, and technology. This change is anticipated to benefit the UK meat industry by £80 million over five years, signifying a new phase in UK-Philippines economic relations.
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 Philippine Undersecretary Allan Gepty in London, where they will engage in dialogue aimed at strengthening bilateral trade relations valued at approximately £2.8 billion ($3.6 billion) annually. The discussions will concentrate on sectors including infrastructure, renewable energy, agriculture, and technology.
The improvement in relations stems from the Philippines’ decision to rescind its prohibition on UK beef, which was implemented due to the detection of Bovine Spongiform Encephalopathy, commonly known as mad cow disease, on a British farm last year. The ban on poultry imports was also lifted in light of a previous bird flu case, which together is expected to benefit the UK meat industry by an estimated £80 million over a five-year period.
Minister Alexander stated, “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 that the UK is “open for business in Asia,” which he deems crucial to the government’s economic growth objectives.
This dialog marks the latest effort by the trade department to foster international relationships since the Labour government came to power in July. While the United States remains the UK’s largest trading partner, the current administration, led by Keir Starmer, is actively seeking to expand trade connections with nations like China, South Korea, and Malaysia due to evolving trade dynamics.
Additionally, the UK is pursuing a post-Brexit realignment with the European Union and is negotiating a “new economic deal” with the Trump administration. Notably, Alexander and Gepty will also explore financing proposals amounting to £5 billion from UK Export Finance, aimed at facilitating sustainable public infrastructure projects in the Philippines.
In summary, the United Kingdom aims to strengthen its trade relations with the Philippines, following the removal of bans on British beef and poultry. The upcoming discussions will focus on infrastructure, renewable energy, agriculture, and technology, projecting a potential economic benefit of £80 million to the UK meat sector. This initiative represents a pivotal movement in the UK’s broader strategy to diversify trade partnerships post-Brexit and amid prevailing tariff challenges.
Original Source: www.livemint.com
