The Philippines and New Zealand signed an agreement to establish a Joint Economic Commission (JEC) to boost bilateral trade and investment.

In ceremonies last May 22 in Suzhou, China on the sidelines of the APEC trade ministers meeting, Philippine Trade Secretary Cristina Roque and New Zealand Trade Minister Todd McClay signed the Arrangement Between the Department of Trade and Industry of the Republic of the Philippines and the Ministry of Foreign Affairs and Trade of New Zealand on the Establishment of the Joint Economic Commission (JEC).

The signing of the agreement reaffirmed both countries’ commitment to strengthening bilateral economic ties and expanding opportunities in businesses, trade and investment between the Philippines and New Zealand.

Under the JEC framework, the Philippines and New Zealand aim to achieve the goal of increasing two-way trade by 50% by 2030 set by President Ferdinand Marcos Jr and New Zealand Prime Minister Christopher Luxon during their meeting in April 2024. This will be supported by enhanced collaboration in priority sectors, improved market access, and more coordinated trade promotion initiatives.

Secretary Roque said that the agreement “opens the door to new and mutually beneficial partnerships, enabling our businesses to grow and compete in a dynamic regional environment.” Minister McClay echoed this sentiment, noting that the strengthened cooperation “builds on decades of friendship and shared values, creating fresh opportunities for innovation, investment, and sustainable economic growth.”

Officials from both countries highlighted that the JEC will serve as a platform for ongoing dialogue, policy coordination, and joint activities that support long-term economic resilience and competitiveness.

The signing marks a significant milestone in Philippine-New Zealand relations and sets the stage for expanded collaboration in the years ahead as the two nations mark 60 years of diplomatic relations this year. - END