The Philippines and Germany seek to intensify their bilateral trade cooperation through the signing of the joint declaration of intent (JDoI) to establish the Joint Economic Commission (JEC).
In a statement on Thursday, the German-Philippine Chamber of Commerce and Industry (GPCCI) said the JDoI was signed by Trade
Undersecretary Ceferino Rodolfo and German Parliamentary State Secretary Thomas Bareiß on August 20 at the Federal Ministry for Economic Affairs and Energy in Berlin, Germany.
“We are enthusiastic about the perspective of the Philippine-German trade relations through setting up a JEC as it will strengthen more economic partnerships across many sectors.” said GPCCI President Tristan Arwen Loveres.
“The signing of JDoI is a remarkable signal on the partnership and we are looking forward to the JEC,” Loveres added.
The JDoI seeks to convene the JEC which will be a platform to discuss various aspects of trade, investments and economic partnerships that shall promote private sector synergy and further enhance the overall bilateral economic relations between the two countries.
As of 2018, Germany is the biggest trading partner of the Philippines in the European Union and its 11th global trading partner with a total trade volume of $7.4 billion in 2018.