STRONG RP-THAILAND RELATIONS REINFORCED BY TWO NEW AGREEMENTS
At
the sidelines of the 11th APEC economic Leaders’ Meeting held in
Bangkok, Thailand on 19 October 2003, the close ties between the Philippines and
Thailand was reinforced by the signing of two new agreements in agriculture and
in oil and gas activities.
Secretary
Luis P. Lorenzo of the Department of Agriculture and Secretary Vicente S. Perez,
Jr. of the Department of Energy signed the two agreements on behalf of the
Philippines.
In
welcoming the latest addition to the string of twenty-four bilateral agreements
between the Philippines and Thailand, Foreign Affairs Secretary Blas F. Ople
underscored the dynamism of one of the oldest diplomatic relations in Philippine
history. “A half-century of close
ties characterized by cordiality, harmony, and cooperation, bilaterally and
multilaterally, best describe our two countries’ relationship” he stated.
On
the economic relations, Thailand has remained as the Philippines 10th
largest trading partner in 2002. Total
bilateral trade in Y2002 was valued at US$2,11 billion.
Philippine exports, primarily consisting of semi-conductors, metal
automotive parts and electronic data processing amounted to US$1.071 billion,
while Philippine imports to Thailand totaled US$1.041 billion.
The
Memorandum of Understanding on Agricultural Cooperation seeks to promote further
collaboration in agricultural research and development through technology
transfer, trade, training, and scientific and technical cooperation.
On the other hand, the Memorandum of Understanding on Cooperation in Oil and Gas Activities establishes an ASEAN Petroleum Hub in the Philippines as a joint business venture between the governments of the Philippines and Thailand through its subsidiary, Subic Bay Fuels Company, Inc. (SBFCI), a subsidiary of PTT Public Company (PTT PLC). This joint undertaking will (a) provide energy security in both normal and emergency situations; b) stabilize the pricing of oil; c) minimize importation thus reducing foreign currency requirements; and d) allow full utilization of Subic Bay Terminal, thereby creating more profit for the Philippines. END