PEZA investment mission in June seen to boost UK-Phl trade
Total trade in goods and services between the United Kingdom and the Philippines currently stands at £2.8 billion and is expected to increase, particularly after the establishment of the Joint Economic and Trade Committee established to strengthen ties and facilitate trade between the two countries
British Chamber of Commerce Philippines executive chairman Chris Nelson and Philippine Economic Zone Authority director general Tereso O. Panga recently met to discuss the PEZA-sponsored investment mission to the United Kingdom in June.
PHOTOGRAPH COURTESY OF PEZA
The British Chamber of Commerce Philippines (BCCP) welcomes the upcoming investment mission to the United Kingdom hosted by the Philippine Economic Zone Authority (PEZA) on 25-27 June 2025.
Current total trade in goods and services between the UK and the Philippines stands at £2.8 billion. This is expected to grow even higher through the Joint Economic and Trade Committee (JETCO).
Despite global uncertainty on tariffs, BCCP executive chairman Chris Nelson remains optimistic that bilateral trade will continue to grow.
Trade diversification
He cited that trade diversification and looking at other trading partners are among the strategies that businesses may adopt during the 90-day pause on USA tariffs.
The Philippines, driven by domestic demand, may leverage its export sector and existing trade agreements with its bilateral and regional partners.
Meanwhile, PEZA director general Tereso O. Panga is seeking reduced tariff rates for key economic zone exports.
In a statement, he said, “Coupled with recent positive developments such as the Regional Comprehensive Economic Partnership and the CREATE MORE Act, we believe these measures will mitigate the tariff impact and make the Philippines an even more attractive investment destination.”
JETCO
The UK and the Philippines have recently concluded the inaugural JETCO meeting held on 17 March 2025, aimed at addressing market barriers and further strengthening trade and investments in agriculture, energy, technology and infrastructure, among others.
Nelson added that while there are no current discussions on free trade agreement, he cited the opportunities within RCEP, the Developing Countries Trading Scheme, as well as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, to which the UK has recently joined and the Philippines expressed interest in joining.
‘Let’s not forget there is the Developing Countries Trading Scheme in which over 90 percent goods from the Philippines to the UK are almost tariff-free.’
Negotiating a free trade agreement
“It takes two to three years to negotiate a free trade agreement, so there are time and resources involved. I think in the case of the UK is identifying what can be done in the shortest term possible. Let’s not forget there is the Developing Countries Trading Scheme in which over 90 percent goods from the Philippines to the UK are almost tariff-free,” Nelson said.
He added that the Chamber looks forward to welcoming new British companies to take advantage of the competitive business environment in the Philippines coupled with competitive tax incentives, a growing workforce and consumer market, and an overall strategic location in the region that showcases market opportunities for foreign investors.