13 September 2005, United Nations, New York – Describing today’s bilateral meeting between President Gloria Macapagal Arroyo and Chinese President Hu Jintao as another important step in further building closer relations between the Philippines and China, Foreign Affairs Secretary Alberto G. Romulo said that the meeting had important implications not only to RP-China relations, but also to greater peace and stability in the region.

“As a result of today’s meeting, we can expect even more vigorous trade between the Philippines and China as well as more investments from China, particularly in the area of mining,” the Secretary said.  “Clearly, the leaders of China have great confidence in our nation and in our people, to the extent that they are willing to invest their own future in our future,” Secretary Romulo added.

The Secretary also said that the assurances by both Presidents for greater economic cooperation and for closer political cooperation symbolize the determination of both leaders to pursue their commitment to usher in a new, golden age of relations between the two countries.

“These close and strong relations, coupled with the desire of both leaders to promote peace and security in the region and in building a meaningful East Asia Community are significant contributions towards strengthening trust and confidence in the region, which are important prerequisites in forging both peace and progress,” the Secretary said.

“Today’s meeting also provided an important opportunity for the President to discuss energy security, particularly the continued rise in oil prices,” Secretary Romulo said.

The Secretary explained that as a major consumer of oil, China plays an important part in the market price of oil and that “bringing the issue of rising oil prices both to the major producers and the major consumers is part of the President’s comprehensive strategy to pursue a global solution to the oil issue.”

The Secretary also said that the two leaders agreed to continue cooperative endeavors, in accordance with the ASEAN-China Declaration on the Conduct of Parties in the South China Sea.  “We have concluded an agreement with China, which was subsequently joined by Vietnam, for peaceful cooperation in the South China Sea, to better understand the composition of the waters, seafloor and seabed within the South China Sea and as a means to avoid conflict and create increased confidence and understanding,” the Secretary said. END