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Beijing, Manila sign $1.7 billion trade deal
March 15, 2017, 10:06 am

Trade ties have significantly improved since Xi called Duterte’s October visit to Beijing a “milestone” in China-Philippine relations [Xinhua]

China and the Philippines signed a $1.7 billion deal that would see Manila’s agricultural exports boosted in the coming months.

According to Chinese news reports, the deal is designed to balance trade between the two countries, quoting Beijing’s ambassador to Manila.

The deal is the likely result of a rapprochement between the two countries since Rodrigo Duterte became president last year, effectively reversing tension over the South China Sea territorial disputes.

During his visit to Beijing in October, Duterte said that he was committed to discussing the South China Sea territorial dispute in a bilateral fashion with his Chinese counterparts.

In November, Chinese President Xi Jinping pledged to allow Filipino fishermen access to the Scarborough Shoal in the South China Sea, and to provide them with training to improve their catch.

Last week, Chinese Commerce Minister Zhong Shan visited Manila and met with Philippine Trade Secretary Ramon Lopez to look at ways to increase trade between the two countries and examine how to boost Chinese-funded infrastructure projects are underway there.

“The past year was a drastic development in our relationship with China. Now, there’s no looking back,” Lopez said.

“When we signed the 6-year [Joint Commission on Economic and Trade Cooperation] JCETC we have agreed to further strengthen our relationship which will go beyond trading,” Lopez added.

The BRICS Post with inputs from Agencies

2 Responses to Beijing, Manila sign $1.7 billion trade deal

  1. Thomas Melillo Reply

    March 16, 2017 at 2:57 am

    and if it wasn’t for the United States the Philippines would be speaking Japanese.” How quickly they forget “

    • Geronimo Reply

      March 17, 2017 at 4:36 pm

      …now they speak english….and are slave workers all around the world…

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