Pakistan and the Philippines have agreed to explore the potential for a Preferential Trade Agreement (PTA) and enhance their economic cooperation following the 2nd Meeting of the Pakistan-Philippines Joint Economic Commission (JEC) in Manila.
Co-chaired by Secretary Economic Affairs Division Muhammad Humair Karim Kidwai and Undersecretary for International Trade Atty Allan B Gepty of the Philippine Department of Trade and Industry, the meeting was attended by Pakistan's Ambassador to the Philippines Dr Asima Rabbani and Philippine Ambassador to Pakistan Dr Emmanuel R Fernandez, along with senior officials from both countries.
Both sides discussed the global economic environment, shared updates on their economic outlooks and trade policy priorities, and recognized significant untapped potential for expanding bilateral trade and investment relations. Pakistan highlighted export opportunities in agricultural goods and halal-certified products, suggesting business exchanges, trade fairs, and a dedicated business forum. They emphasized the need for private sector involvement and supported reactivating the Pakistan-Philippines Joint Business Council.
Pakistan proposed enhanced investment cooperation through a memorandum of understanding between the respective Boards of Investment and the establishment of a Joint Working Group on Investment. Market access issues, including Pakistan's pending requests, were discussed, and both sides agreed to maintain communication through established channels. They also discussed the feasibility of a Preferential Trade Agreement (PTA) and potential expansion of sectoral cooperation within the existing JEC framework.
Sectoral discussions included agriculture, irrigation and water management, halal development, health and pharmaceuticals, banking and taxation, higher education and technical and vocational education and training (TVET), energy and minerals, tourism, and visa facilitation. In agriculture, cooperation in seed development, plant variety protection, quality assurance, and community-based irrigation initiatives was emphasized. Discussions on halal development focused on compliance training, certification exchanges, and supply chain strengthening. Health and pharmaceuticals discussions included regulatory cooperation, facilitation of pharmaceutical and medical device trade, and structured collaboration through a dedicated working group.
Talks on banking and taxation covered digital payments, remittance corridors, financial innovation, supervisory cooperation, and potential updates to the Double Taxation Agreement. The meeting concluded with both sides reaffirming their commitment to deepening economic ties and translating agreed initiatives into tangible outcomes.
