THE World Trade Centers Association (WTCA) said it is expecting bilateral trade and investment to grow between the Philippines and France.
“(WTCA) sees opportunities for growing trade and investments between the Philippines and France through deeper economic cooperation, particularly with Mediterranean port cities such as Marseille,” it said in a statement on Tuesday.
WTCA Vice-President for Asia-Pacific Scott Wang said that the 4th Political Consultations last month between the two countries are “a step in the right direction.”
During the talks, “both countries committed to strengthening bilateral relations across several key sectors, such as trade and investment, energy, health, climate change, science and technology, defense, and people-to-people exchanges,” he added.
According to the WTCA, the two countries noted the opportunities presented by the resumption of direct flights between Manila and Paris.
“France also reaffirmed its support for the early conclusion of negotiations toward a comprehensive Philippines-European Union Free Trade Agreement,” it added.
Philippines-France trade grew to $1.8 billion in 2022.
“In terms of Philippine exports to France, the Mediterranean region is a strategic gateway for Philippine investors looking to strengthen their presence and expand trading opportunities in the Europe, Middle East, and Africa markets,” he said.
He added that the ongoing WTCA Global Business Forum taking place in Marseille serves as a platform for countries such as the Philippines to capitalize on trade opportunities while leveraging new technologies in port operations.
“Seaport expansion remains a focus for the Philippines, which is strategically positioned along key Asia-Pacific shipping routes, and technological shifts are needed to streamline trade flows into the region,” Mr. Wang said. — Justine Irish D. Tabile