The Philippines and Czech Republic held their second Joint Committee on Economic Cooperation (JCEC) to reaffirm their commitment to boosting economic ties.
In a statement Friday, the Department of Trade and Industry (DTI) said the JCEC between the two countries was led by Undersecretary Allan Gepty and Ministry of Industry and Trade Director General Eduard Muřický.
“The Czech Republic is an important partner of the Philippines in Europe. We believe that the JCEC offers an opportunity for us to enhance not only our trade and investment relations but also achieve more concrete outcomes that would contribute to the sustainable development of our countries. The identified areas of cooperation reflect our mutual interests based on industrial strengths, technical expertise, and resource endowments,” Gepty said.
Philippine Ambassador to the Czech Republic Eduardo Meñez and Czech Ambassador to the Philippines Karel Hejč were also present at the JCEC.
During the meeting that took place in Pasay City last July 31, both parties discussed strengthening cooperation in areas of agriculture, manufacturing, healthcare industry and medical devices, energy, environment, mining, transportation, information technology and business process management, aerospace and space technologies, defense, education, labor, and tourism.
Filipino and Czech firms in the sectors of electronics, manufacturing, water and waste management, renewable energy, and transportation also participated in the meeting.
Both sides shared updates on trade and economic developments, focusing on policies that could boost trade, investments, and economic cooperation.
They also discussed regional and global issues, emphasizing the crucial role of international trade in promoting economic growth and stability amid global challenges and uncertainties.
Both governments likewise agreed to enhance efforts to promote mutually beneficial trade, including targeted promotion, greater use of the European Union Generalized Scheme of Preferences Plus (EU GSP+), and the timely completion of negotiations for the PH-EU free trade agreement, among other initiatives.
According to the Philippine Statistics Authority, the two-way merchandise trade value of the two countries reached USD371.2 million last year, with Philippine exports to the European country at USD216.2 million and imports of USD155 million.
The country’s outbound shipments include semiconductor devices, digital monolithic integrated circuits, storage units, other prepared unrecorded media for sound recording or similar recording of other phenomena, and sports footwear.
On the other hand, imported products from the Czech Republic include airplanes, materials, accessories, and supplies for the manufacture of dice of any material, revolvers and pistols, electrical and electronic machinery, equipment and parts, and chandeliers and other lighting fittings. (PNA)
