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MANILA, Philippines – The Philippines and Japan signed an action plan aimed at enhancing collaboration in areas such as manufacturing, automotive, human resources, as well as micro, small, and medium enterprises (MSMEs).
Trade and Industry Undersecretary Adrian Cristobal Jr and Japan Deputy Director-General for Trade Policy Toshiyuki Sakamoto inked their Industrial Cooperation Action Plan on Thursday, July 16, where Japan expressed support for Philippine efforts to elevate the country into the ASEAN manufacturing and human resources development hub. ASEAN stands for the Association of Southeast Asian Nations.
Under the action plan, the two countries will identify and address supply chain gaps through technical and institutional capacity-building.
“The Philippines and Japan have a long-standing partnership in fostering economic development in the country. Japan contributes to our efforts in sustaining our socioeconomic growth as it continues to be a rich source of knowledge and experience in industry development and SME-centered policies and initiatives,” Cristobal said.
The trade undersecretary added that these will help the Philippines design measures in line with its Asia-Pacific Economic Cooperation Boracay Action Agenda to Globalize MSMEs.
The action plan was formed in July 2014, after Japan – through Minister of Economy, Trade, and Industry Toshimitsu Motegi – agreed to support the Philippines’ industrial development roadmap.
Japan continues to be a top investor and trade partner of the Philippines.
In 2006, the Philippines signed its first bilateral trade treaty – with Japan, no less.
The Japan-Philippines Economic Partnership Agreement, also known as JPEPA, is an economic partnership agreement between the two countries covering bilateral investment and free trade. – Rappler.com
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