The RCEP agreement, signed Sunday among its 15 participating countries, „is not only a milestone for ASEAN, but a welcome development for the Philippines,“ Philippine Trade Minister Ramon Lopez said in a statement. The 23rd session of the RP-China Joint Trade Committee was held in Beijing from 15 to 16 March 2004, during which the two sides exchanged views on improving bilateral cooperation in the areas of trade, investment, agriculture, industry, resource development, railway development and multilateral and regional issues. The Philippine side was led by the Secretary of State for Trade and Industry, Thomas G. Aquino, while the Chinese side was led by the Vice Minister of Trade, An Min. Philippines – Japan Economic Partnership Agreement The Philippines and Japan concluded a free trade agreement in 2008. The VPA is the Philippines` only bilateral free trade agreement covering, among other things, trade in goods, trade in services, investment, personal transport, intellectual property, customs procedures, improving the business environment and public procurement. Since 1975, diplomatic relations between China and the Philippines have been steadily developing. Over the years, several bilateral agreements have been signed to strengthen cooperation and strengthen mutual trust. In 2018, bilateral trade between the two nations amounted to $55 billion. The Philippines held its first individual fair in Shanghai from March 27 to 30, 2003, under the theme „Ties that Bind: A Philippine Solo Exhibition“. MANILA – China`s Comprehensive Regional Economic Partnership (RCEP) will „integrate“ all existing free trade agreements into ASEAN, benefiting its members in the long term, an analyst said Wednesday. The Philippine Ministry of Trade and Industry (DTI) said the RCEP agreement was a modern, comprehensive, high-quality and mutually beneficial economic partnership agreement.
In 1999, the Philippine Ministry of Agriculture and the Ministry of Agriculture signed the agreement on strengthening cooperation in agriculture and related fields. In 2000, the relevant government authorities signed an agreement under which China offers the Philippines a $100 million credit facility. In March 2003, the China-Philippines Agricultural Technology Center was completed. With its successful test planting in the Philippines, hybrid rice and Chinese maize are growing on large areas in the country. In 2004, the two sides signed the Memorandum of Understanding on Fisheries Cooperation.