Fourteen bilateral deals have been signed during President Ferdinand Marcos Jr.’s state visit to China, Palace said on Wednesday.
BEIJING —Fourteen bilateral deals have been signed during President Ferdinand “Bongbong” Marcos Jr.’s state visit to China, Palace said on Wednesday.
The BRI is a global infrastructure development strategy to invest in nearly 150 countries and international organizations, which will enhance connectivity and facilitate smoother trade flows among Asia, Europe, and Africa. They also agreed on a protocol of phytosanitary requirements for the export of fresh durians from the Philippines to China between the DA and China's General Administration of Customs.
Four loan agreements for the mixed-credit financing of three priority bridge projects under the DPWH were also signed. A mutual recognition agreement between the General Administration of Customs of China and the Bureau of Customs of the Philippines on authorized economic operator program was also inked by the two countries.In his meeting with Chinese President Xi Jinping, Marcos said the foreign leader has promised to address the trade deficit gap as China is ready to accept high-value Philippine agricultural products.
"In fact, there has been created what we are now calling the durian protocol, because they are opening their trade to imports of durian and other agricultural products from the Philippines so that we can redress the imbalance in our imports and exports from China," he added.
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