China calls on PHL to seize 'geographic advantage' for trade

Amid the territorial dispute over the West Philippine Sea, the Chinese Embassy in the Philippines said the two countries must seize their "geographic advantage" to boost trade and economic growth between them.

"(C)hina and the Philippines, both as developing countries, should further exploit the potential of economic growth, promote trade and investment, and transform the geographic advantage and complementarity advantage into boost of growth," Jin Yuan, Commercial Counsellor of the Chinese Embassy in the Philippines, said in an e-mailed statement on Wednesday.

According to Yuan, constant promotion of trade between the two countries would be mutually advantageous.

"Constantly promoting China-Philippine trade and investment conforms to the fundamental interest of both countries, and will contribute to the improvement of our people's well beings and regional peace and stability," he said.

Chinese statistics show that the bilateral trade volume between China and the Philippines registered a new high in 2015 with a 2.7-percent growth rate to $45.65 billion.

This compares with the China-Asia trade which fell by 7.8 percent and the China-ASEAN trade which dropped 1.7 percent.

"The Philippines was one of the only four countries in ASEAN that had retained a positive growth with China," Yuan said.

Meanwhile, in terms of Philippine statistics, China was regarded as the largest import source accounting for 17 percent of total shipments, and the third largest export of Philippine products accounting for 10.9 percent of total products shipped out.

"From this we see between the two countries strong complementarities in intra-industry and inter-industry trade. We also see big room for diversifying trade structure and promoting trade and investment," Yuan said.

Both the Philippines and China have claimed ownership of the contested West Philippine Sea, believed to have huge deposits of oil and gas.

The Philippines has taken to the arbitration court in the Hague to resolve the territorial dispute, with the tribunal's ruling expected before May. —Jon Viktor Cabuenas/KBK, GMA News