A proposed bilateral economic cooperation agreement between Taiwan and the Philippines can bring benefits to both sides, according to the outline of a feasibility study conducted by the Philippine Institute for Development Studies (PIDS) and submitted to the Philippine government Monday for further discussion.
The PIDS, a research institute under the National Economic and Development Authority, started the feasibility study in July 2012, covering macroeconomic and political aspects along with special sectors and industries.
With warming ties across the Taiwan Strait, now would be a good time for the Philippines to sign a trade pact with Taiwan, according to the outline. The Philippines has diplomatic ties with China but not with Taiwan.
In addition, closer relations between the Philippines and Taiwan will help establish long-term stability in both the economic and political aspects, the PIDS said.
In response later that same day, Taiwan's Ministry of Economic Affairs said it is happy to see the outline and added that the two sides are likely to exchange ideas regarding the issue during their annual ministerial-level meeting on economic cooperation scheduled to take place Oct. 23-24 in Taipei.
The ministry said, however, that there is no timetable for negotiations on the proposed trade pact, as a full report of the feasibility study has not yet been completed.
Taiwan and the Philippines enjoy close trade relations, with bilateral trade totaling more than US$11.97 billion last year, according to official statistics.//
