The Department of Agriculture (DA) is looking at strengthening the diplomatic relations between the Philippines and Brunei through leveraging its agriculture trading, which according to the agency's chief, the Philippines has a lot of potential in the global market.

Agriculture Secretary Francisco Tiu Laurel Jr., who accompanied President Ferdinand Marcos Jr. during his recent state visit to Brunei, underscored in a forum with business groups the Philippines' robust domestic market for various agricultural commodities.

"Our President's visit figures to further invigorate bilateral relations between the Philippines and Brunei in various areas. The Philippine Department of Agriculture is certain that this remarkable event will lead to partnerships and collaborations that will further deepen our economic ties in the field of agriculture," Laurel told the business forum.

He highlighted that the country has an export potential of around $2.7 billion for tropical fruits and vegetables, $452 million for fish and shellfish, and $2.2 billion for processed foods and beverages.

"Stimulating this potential are our preferential trade agreements with other countries," Laurel said, who then described the country as a 'fertile ground for trade partnerships and agribusiness investments.'

"We are inviting investors to collaborate with our private sector and institutions and leverage technological advances for productivity gains," he said, adding that investors can also contribute to sustainable practices and build resilient supply chains.

"Foreign investors can benefit from various incentives, tax breaks, and streamlined processes which the Philippine government offers," he added.

The Philippines and Brunei signed three memoranda of understanding on tourism cooperation, the International Convention on Standards of Training, certification and watchkeeping for seafarers, and maritime cooperation.

A letter of intent on agricultural cooperation was also signed.