JERUSALEM 13 JUNE 2022 – Trade and Industry (DTI) Secretary Ramon M. Lopez signed a Memorandum of Understanding (MOU) with Israeli Economy and Industry Minister Orna Barbivai on 07 June 2022 to establish regular consultations for strengthening Philippines-Israel trade, investments, and economic ties.
The MOU on Economic and Trade Cooperation aims to encourage information exchange, joint activities on trade and investments expansion, visits and seminars by experts and advisers, collaboration between Philippine and Israeli chambers of commerce and business associations, and innovation promotion.
More importantly, the agreement establishes a Joint Committee which will meet regularly to discuss bilateral economic cooperation, review the MOU’s implementation, increasing and diversifying mutual trade and investments, and widening access to each country’s respective markets;
Philippine Ambassador Macairog Alberto, who joined Secretary Lopez for his official calls, welcomed the signing of the MOU and its impact on the Philippines’ trade and investment ties with Israel. “I am happy that we finally have an official platform for both sides to periodically assess our bilateral economic ties,” Ambassador Alberto declared. “We look forward to these regular exchanges, which will be an opportunity not only to recommend ways to further deepen and expand our relations, but also to document our progress as we do so.”
Secretary Lopez is in Israel to bolster Philippine-Israeli trade and economic exchanges by holding discussions with his Israeli counterparts, keynote a business forum and b-to-b session for Filipino and Israeli firms, and sign key agreements on investment promotion as well as innovation cooperation.
The Philippine Embassy in Tel Aviv looks forward to participating in the First Meeting of the Joint Committee in the near future and will continue working with DTI and Israeli partners to push greater and more meaningful economic ties between the Philippines and Israel.
Source: Republic of Philippines Department Of Foreign Affairs