WITH the United Kingdom set to exit the European Union (EU), its government created the Department of International Trade (DIT) to facilitate trade and investments with the rest of the world.
British Ambassador Asif Ahmad said the new department will assist in expanding economic relationship between the UK and other countries.
“It will push for greater openness and less restrictions,” Ahmad said of the new department.
For his part, British Chamber of Commerce Philippines (BCCP) Chairman Chris Nelson said the newly created department is part of the campaign for the UK to lead trade negotiations with the rest of the world.
“We want to boost UK trade. There are opportunities around the world. There are opportunities outside of the European Union. Asia is very high on the radar with a lot of focus on Southeast Asia,” Nelson said.
Liam Fox, MP, will be the secretary of State for International Trade and president of the Board of Trade.
Under his term, the DIT will be tasked to come out with a new trade and investment policy to promote the UK globally, develop and negotiate free-trade agreements and market access deals with non-EU countries and provide operational support for British exporters and companies looking to invest in Europe.
Ahmad said, currently, they will be totally supportive of activities being organized by the BCCP, while citing the 60 Philippine companies going to the UK next month to look at investment opportunities.
“We are actively supporting the chamber. We are more intensive in putting the UK in the consciousness of the Philippines and the region,” Ahmad said.
Nelson echoed Ahmad’s statement by stating that UK companies now have very high interest in the Philippines.
He said last year alone, two-way trade with the Philippines increased by 38 percent to $1.8 billion, one of the highest reported trade growth between the UK and a partner-country.
“Our position is that trade between the two sides is growing significantly, and we want to continue the momentum. Brexit will have very minimal impact to the Philippines,” Nelson explained.
According to Nelson, with Filipino companies going to the UK, there are also British companies coming to the Philippines that will be looking at business opportunities in infrastructure, power and transportation industries.
Both Ahmad and Nelson are praising the administration of President Duterte in terms of its economic agenda and its push to settle conflicts in the south and with the communist movement.
Ahmad also is supportive of the idea of the Philippines holding talks with China to settle the West Philippine Sea dispute.
“A necessary step is the dialogue, because the alternative is unthinkable. But the negotiations will be in a slightly different context because the Philippines has actual ruling in its argument,” he said.
Ahmad said China has long been a partner of the UK and it has a lot to offer the Philippines in the economic side.