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China, Philippines to resume oil and gas talks as Beijing flexes ‘durian diplomacy’
- China and the Philippines signed 14 deals in Beijing this week, spanning infrastructure investment to durian imports
- The two sides also agreed to resume discussions on oil and gas development in the resource-rich South China Sea
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China and the Philippines have agreed to enhance bilateral trade and resume discussions on oil and gas development, as both sides eye closer economic cooperation while easing tension in the South China Sea.
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During a three-day visit to Beijing this week, Philippine President Ferdinand Marcos Jnr signed 14 deals with President Xi Jinping spanning infrastructure investment to durian imports, with the two countries pledging “to return and even surpass the pre-pandemic bilateral trade volume”, according to a joint statement released on Thursday.
The two leaders highlighted the importance of more balanced trade by improving market access for Philippine exports into China, and agreed to set up direct communication channels to handle tensions in the resource-rich South China Sea.
Despite unresolved maritime disputes, bilateral trade has been growing for more than a decade, but mostly driven by Chinese exports.
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Ferdinand Marcos Jnr visits Beijing; Xi offers talks on joint oil exploration deal
Ferdinand Marcos Jnr visits Beijing; Xi offers talks on joint oil exploration deal
China is the Philippines largest trade partner and in the first 11 months of 2022 its exports totalled US$59.2 billion, increasing by 14.5 per cent compared to the same period the previous year, according to data from China Customs.
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