China and Philippines agree to resolve disputed issues
2023.01.05 06:58
China and Philippines agree to resolve disputed issues
Budrigannews.com – They announced on Thursday that they had reached an agreement to establish a direct communication channel between their respective foreign ministries regarding the South China Sea in order to settle disputes peacefully.
They are trying to repair a relationship that was hurt when the Philippines won a 2016 arbitration ruling that invalidated China’s expansive claims in the South China Sea. Their agreement, which contained 14 elements aimed at lowering security tensions and increasing economic cooperation, comes as they try to mend that relationship.
The Philippines has previously voiced concerns regarding rumored Chinese construction activities and the “swarming” of its boats by dozens of Chinese vessels in the disputed waters of the South China Sea, a region rich in resources for fisheries, oil, and gas.
Following their meeting on Wednesday in Beijing, Philippine President Ferdinand Marcos and Chinese President Xi Jinping issued a joint statement reiterating their mutual respect for one another’s sovereignty and territorial integrity.
Marcos stated in a speech upon his return to Manila that the Philippines will pursue an independent foreign policy and was willing to cooperate for regional peace and the two countries’ respective national interests.
Marcos stated, “We agreed that maritime issues between the two countries do not comprise the entirety of our relations,” and that maritime rivalry remained a “significant concern and priority” for the Philippines and the region.
Additionally, both parties agreed to resume discussions regarding oil and gas exploration in the South China Sea and to talk about ways to collaborate in areas like solar, wind, electric vehicles, and nuclear power.
China’s and the Philippines’ coastguards would also meet “as soon as possible” to talk about “pragmatic cooperation.”
In their joint statement, they said that they would think about informing each other when they fired rockets and working together to get rid of rocket debris.
When rocket fragments fell in the South China Sea in November, a Chinese coastguard ship stopped a Philippine boat from towing them away.
They stated that an annual security dialogue would be held and that both nations would reaffirm the significance of peace and stability, as well as freedom of navigation and overflight.
China agreed to allow more imports from the Philippines as part of economic cooperation, with the goal of returning bilateral trade to or exceeding pre-pandemic levels.
In addition, both sides pledged to restore pre-pandemic levels of tourist numbers and flights between their capitals.
Additionally, they stated that both sides would work together to acquire vaccines. China is a major exporter of COVID-19 vaccines worldwide.
China is returning from a self-imposed border closure since the pandemic began in 2020, which has disrupted trade and hurt the economy. Marcos will spend three days in China.
The Belt-and-Road Initiative, Xi’s signature strategy for overseas infrastructure investment, was also renewed by both sides.
The Philippine press secretary reported that after a business meeting with Marcos, Chinese investors pledged $22.8 billion in investments.
The pledges included $7.3 billion for strategic monitoring, which included electric vehicles and mineral processing, $13.76 billion for renewable energy, and $1.7 billion for agribusiness.
Before returning to Manila, Marcos assured Chinese executives, “I assure you that our government is committed to supporting your business activities.”
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