Aquino and Hu Jintao witness signing Philippine-China 5-Year Development Program for Economic Cooperation
President Benigno S. Aquino III and Chinese President Hu Jintao witnessed the signing of the Philippine-China Five-Year Development Program for Trade and Economic Cooperation in ceremonies held Wednesday at the China World Hotel here.
Foreign Affairs Secretary Albert del Rosario signed the agreement for the National Economic Development Authority on behalf of the Philippine government and a representative of the PROC Ministry of Commerce.
The Philippine-China Five-Year Development Program and its implementation aim to steer and promote rapid, stable and orderly development of bilateral trade and economic cooperation, enlarge the scope and enhance the level of cooperation, achieve balanced trade with mutually beneficial results, and drive continuous and healthy socio-economic development in both countries.
The program aims to further expand and deepen economic and trade ties between China and the Philippines, promote the overall development of friendly cooperation between the two counties, and lay a solid economic foundation for developing Sino-Filipino strategic partnership committed to peace and development.
To ensure its successful implementation, the following targets have been set: an annual amount of US$ 60-billion bilateral trade (using figures from the General Administration of Customs of China) and at least US$ 1.5-billion cumulative two-way direct investment by the fifth year (2016).
The two governments have identified nine key areas for bilateral cooperation in the following five years, namely, agriculture and fishery, infrastructure and public works, mining, energy, information and communications technology, processing and manufacturing, tourism, engineering services, and forestry.
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