Philippines Strengthens Bilateral Relationship with Australia
The Philippines and Australia have agreed to increase bilateral trade and investments during the 4th Philippines-Australia Ministerial Meeting (PAMM). During a recent visit of Australia’s top government leaders, along with high-level business delegations, to the Philippines, the countries discussed ways to increase trade and investments. Following seamless years of business partnership, both countries are now interested in richer exchanges.
What is the Significance of PAMM?
The Philippines-Australia Ministerial Meeting enables top government leaders of both countries to explore possible mutual benefits in bilateral trading. The forum is the official gathering of Philippine and Australian counterparts wherein they discuss initiatives and activities that would deepen the bilateral agreements, strengthen regional cooperation, and shape global development and priorities between both countries for the next several years.
PH’s Massive Workforce in AU IT-BPO Sector
The Philippines supports a substantial percentage of Australian IT-BPO. Currently, an estimated 45,000 Filipinos are working across Australian BPO firms in the Philippines, while 7,000 are employed in the Philippine BPO operation of Australia’s leading provider of mobile phones and broadband internet alone.
Philippines and Australia’s Two-way Gains
Bilateral trade between the Philippines and Australia significantly expands every year. In 2012, Australian export to the Philippines grew by 150.1% in copper ores and concentrates, 64.51% in milk and cream, and 48.9% in other wheat and meslin products. Meanwhile, Philippine exports to Australia recorded significant gains of 60.8% in ignition wiring sets and 51.6% in static converters. Both countries are optimistic that the exchanges are set to do better in the coming years, and this optimism is justified by an initial increase of Philippine exports to Australia by 89.1% in the first ten months of 2013. This solid relationship between the Philippines and Australia was recently backed by the ministerial meeting, in which the countries agreed to leverage Philippine-Australian partnership through creating stronger opportunities in trade and investment promotions.
Philippine Secretaries and Australian Ministers have agreed to set the 5th Philippines-Australia Ministerial Meeting in Australia by 2016, where they can eventually review the outcome of the 2014 conference.