President Marcos Advances Trade Cooperation with Southeast Asian Neighbors
President Marcos recently met with the prime ministers of Thailand and Cambodia to reaffirm the Philippines’ commitment to expanding trade cooperation with these key regional partners. The discussions took place on the sidelines of the 46th Association of Southeast Asian Nations (ASEAN) Summit in Kuala Lumpur, Malaysia.
In his meeting with Cambodian Prime Minister Hun Manet, both leaders emphasized the strong and lasting friendship between their countries. They expressed a shared commitment to deepen bilateral trade and cooperation in areas of mutual interest. President Marcos highlighted the growth in trade relations since 2023, noting that the increase in Philippine automobile exports to Cambodia has played a significant role in this positive trend.
Expanding Strategic Partnerships Beyond Trade
Beyond trade, Marcos stressed the importance of broadening collaboration into defense to enhance the strategic partnership and promote peace and stability in the region. “I hope that we can move forward with those discussions in terms of trade, defense, and potential defense cooperation,” the President said.
Prime Minister Hun Manet encouraged ASEAN countries to seize new opportunities amid global trade challenges, highlighting the region’s resilience and growth potential. “There are thousands of products where we can find complementarities,” he said, underscoring the benefits of closer trade ties.
Renewing and Deepening Ties with Thailand
In a separate bilateral meeting, President Marcos and Thai Prime Minister Paetongtarn Shinawatra reaffirmed their commitment to driving inclusive and sustainable growth by leveraging innovation and economic complementarity. This year marks the 76th anniversary of diplomatic relations between the Philippines and Thailand, first established on June 14, 1949.
Both leaders agreed on the need to strengthen bilateral relations and explore new collaboration areas that support their national development goals. Marcos pointed out that tighter cooperation is crucial as the global economy faces unpredictable challenges. Furthermore, he welcomed a major Thai agricultural company’s investment plans in the Philippines, emphasizing the vital role of public-private partnerships in economic progress.
Exploring New Economic Opportunities
The President identified promising sectors for partnership, including electronics, artificial intelligence, copper, vehicle wiring, and precious metals. “I really see that there is great potential in all of these areas,” he remarked, highlighting the Philippines’ goal to boost exports to Thailand for a more balanced trade relationship.
Prime Minister Paetongtarn committed to expanding agricultural cooperation with the Philippines, noting Thailand’s significant investment in research and development. “We encourage other countries to invest in Thailand more and invest in the Philippines as well,” she said.
President Marcos also extended a personal invitation for the Thai Prime Minister to visit the Philippines. In 2024, Thailand ranked as the Philippines’ sixth largest trading partner, reflecting the growing economic ties between the two nations.
For more news and updates on trade cooperation, visit Filipinokami.com.