Philippines, China see more room for economic development

MANILA, Philippines - Both the Philippines and China agree that economic cooperation between two countries remains strong, but has room for development, according to a joint statement issued Friday.

During President Rodrigo Duterte's visit to China, he and Chinese President Xi Jinping signed several agreements, covering a wide range of areas such as trade, tourism, agriculture, security, health and infrastructure.

“Both sides commit to enhance economic relations in the priority sectors of the two countries by leveraging their complementarity and continuously promoting trade, investment and economic cooperation,” the statement read.

One of the documents signed was a MOU between the Philippines' Department of Trade and Industry and the Ministry of Commerce of the Government of China on strengthening bilateral trade, investment and economic cooperation.

Both leaders witnessed the signing of the agreements – a development seen as a confidence-building measure between the two countries whose ties were strained by the West Philippine Sea dispute.