UK Trade Talks with Philippines to Commence After Beef Import Ban Lifted

The UK is set to initiate trade discussions with the Philippines following the lifting of an import ban on British beef and poultry products. Key sectors include infrastructure and renewable energy, with financing proposals of £5 billion under discussion. The talks signify the UK’s strategic intent to strengthen economic ties with Asian markets amidst changing global trade dynamics.

The United Kingdom is preparing to initiate trade talks with the Philippines following the Asian nation’s decision to lift an import ban on British beef and poultry products. Trade Minister Douglas Alexander is scheduled to meet Philippine Undersecretary Allan Gepty in London to enhance the bilateral trade relationship, which amounts to approximately £2.8 billion ($3.6 billion) annually. The discussions will primarily target sectors including infrastructure, renewable energy, agriculture, and technology.

This progress in relations follows the Philippines’ removal of an import ban on UK beef, initially imposed due to the identification of Bovine Spongiform Encephalopathy, or mad cow disease, on a British farm last year. Additionally, the country will permit poultry imports after a previous ban related to bird flu. These developments are projected to benefit the UK meat industry by around £80 million over five years.

Minister Alexander emphasized that these discussions represent a significant advancement in the trading partnership with the Philippines, recognized as one of Asia’s rapidly growing economies. He articulated the importance of demonstrating the UK’s openness to business within Asia as integral to the government’s economic growth strategy.

These negotiations are part of a broader initiative by the trade department following Labour’s victory in the previous July elections. With the US being the largest trading partner of the UK, the current administration is exploring new trading possibilities with countries such as China, South Korea, and Malaysia in light of protective tariffs enforced by the Trump administration.

Furthermore, Britain is actively seeking to redefine its relationship with the European Union post-Brexit and is engaged with the Trump administration to formulate a new economic agreement. In their upcoming meeting, Alexander and Gepty will also review proposals for £5 billion of financing from UK Export Finance to support sustainable public infrastructure development in the Philippines.

In summary, the UK is poised to enhance trade relations with the Philippines following the lifting of restrictions on British beef and poultry. Key discussions will encompass vital sectors and financing initiatives. These efforts reflect a strategic shift by the UK government to diversify trade partnerships in response to challenging post-Brexit landscapes and existing tariff barriers. Ministerial dialogues signify a promising future for UK-Philippines economic collaboration.

Original Source: www.livemint.com