Export Group Demands PH Government Address Economic Issues in Crucial China Talks

A trade association of exporters is bringing to the Philippine government's attention that economic concerns outside of the territorial dispute in the South China Sea should be included in the bilateral negotiations with Beijing. This is being done to stress that economic issues are an essential component of the relationship between the two nations.

According to Robert Young, president of the Foreign Buyers Association of the Philippines (FOBAP), components of commerce, business, and trade must also be considered to ensure the continuation of the economic benefits that both countries receive from one another.

“The latest bilateral talk did not touch on economic issues. They forgot the economic side of it,” Young said in a phone interview with the Daily Inquirer.

An all-out battle with China would, to put it mildly, put their supply environment in jeopardy, according to Young, whose trade association is comprised of buyers and exporters of furniture, handicrafts, and textile items. Young stated that there are numerous concerns over this matter.

Young stated that approximately fifty percent of the garment items that they export each year are made with cloth and fabric purchased from China. The total value of these garment goods is one billion pesos.

Young also mentioned that the Philippines is China's 24th most significant partner, with the most recent annual bilateral trade reaching $71.9 billion. This is in addition to the fact that the Philippines is Chinese.

According to the Foreign Trade Administration of the Philippines (FOBAP) officials, China is the country's second largest trade partner, earning around $15 billion in income from imports and exports.

Manila and Beijing met on Tuesday to address the escalating tensions resulting from the territorial dispute in the South China Sea. This comes after the most intense clash between the two parties occurred on June 17.

In photographs and videos taken during the conflict above, Chinese Coast Guard personnel armed with knives and axes can be seen surrounding a Philippine Navy resupply mission that was headed to the Ayungin Shoal, also known as the Second Thomas Shoal.

As a result of "high-speed ramming," Chinese forces boarded the rubber boats that were held by the Philippines and caused damage to them. They also took several weaponry into their possession and caused one Filipino sailor to lose his thumb.

Both parties "affirmed their commitment to de-escalate tensions without prejudice to their respective positions," according to a statement released by the Department of Foreign Affairs of the Philippines on the same day they met with their counterparts from China.

In addition, the government agency stated that significant progress had been made in creating strategies to control the situation in the region.

“The two sides agreed to continue discussions on maritime cooperation between their respective coast guard authorities, including the possible resumption of the Joint Coast Guard Committee (JCGC),” the DFA said in a statement.

Photo: Microsoft Bing