Australia’s growing investments in the Philippines topped by mining and the prospect of working closely together to help address the region’s response to the global financial crisis will be given focus during the second Philippines-Australia Ministerial Meeting in Manila today.
The Australian Embassy in Manila said yesterday that Australia’s Minister for Foreign Affairs Stephen Smith and Minister for Trade Simon Crean are in Manila for a three-day visit to attend the meeting.
They are also expected to call on President Arroyo.
“The Philippines is an important regional friend and partner of Australia. Australia’s interests in the Philippines have grown considerably in recent years,” Smith said.
Two way trade between Australia and the Philippines in 2007 was $2.5 billion.
Australian investment in the Philippines has increased from over $890 million in 2001 to over $1.5 billion in 2007, largely on the back of the growing interest of Australian mining companies in the Philippines’ rich minerals and energy deposits.
“Our commercial linkages are growing with many more opportunities arising to build on these links,” Crean said.
“Australia and the Philippines worked closely together in helping to conclude the ASEAN-Australia-New Zealand Free Trade Agreement which has the potential to deliver significant commercial gains to both countries and more broadly throughout the region,” Crean added.
Crean will be accompanied by an Australian business delegation of representatives of mining and engineering companies.
“Australia will also be looking to work closely with the Philippines in helping shape the region’s response to the global financial crisis – including through APEC and the East Asia Summit process. As fellow members of the Cairns Group we are also working together to continue progressing the WTO Doha Round of trade negotiations,” he said.
Australia’s development assistance program to the Philippines has more than doubled over the past three years to nearly $110 million in 2008-09. Australia plays a major role in improving education, rural development, infrastructure, economic governance and security in the Philippines.
Australia is the Philippines second largest defense cooperation partner. Both countries work together closely on regional counter terrorism efforts.