Manila and Beijing will sign an agreement involving China’s purchase of $1.5 billion worth of Philippine goods, including agricultural products, on Wednesday, according to the Philippine Silk Road International Chamber of Commerce.
Dr. Francis Chua, chairman of the Philippine chapter of the Silk Road International Chamber of Commerce, said the $1.5-billion purchase agreement covers agriculture products, such as coconut and banana.
Chua said other products, like nickel and garments, would be included in the purchase agreement.
Last week Trade Secretary Ramon M. Lopez had announced that China is also keen on purchasing locally produced durian, avocado, pineapples, mango, dragon fruit, mangosteen, marang, rice, coffee and cacao.
Liu Changyu, deputy director general of the department of foreign trade under China’s Ministry of Commerce, and Jin Yuan, commercial counselor of the Embassy of the People’s Republic of China to the Philippines, as well as representatives from the Department of Trade and Industry and the Philippine Chamber of Commerce and Industry will attend the event.
China is the Philippines’s second major trading partner, fourth largest export market and first import supplier in 2015.
The Silk Road International Chamber was established by China in 2015 with 40 vice
chairmen.
The establishment of the chamber in different countries aims to gather support for the China-led Silk Road Economic Belt and 21st-Century Maritime Silk Road.