A Strategic Point In The ASEAN Market: The Philippines

As one of the most important regional cooperation organisations, the Association of Southeast Asian Nations (ASEAN) is now the seventh biggest economy in the world with an economic volume that grows in parallel with its 700 million population. Setting out to achieve economic cooperation, ASEAN has, over time, become a global player thanks to its contributions to ensuring regional peace and security. Our relations with the ASEAN countries date back to 1999, with an increasing trend of trade volume throughout the years. 10 ASEAN member countries have acknowledged the agreements, and this is a great step in developing mutual trade with member countries.

At the 50th ASEAN Foreign Ministers’ Meeting held in the Philippines, our country became the “Sectoral Dialogue Partner” of ASEAN in 2017, which is the highest status granted to countries that are not a member of the Association. The Philippines is rapidly rising in the Association with its strategic location. The Philippines attracts attention with its dynamic consumer market, and the investments between Turkey and the Philippines are protected on the basis of international law with the Reciprocal Investment Promotion and Protection Agreement signed in 1999 between the countries. And the Treaty on Avoiding Double Taxation and Tax Evasion that was signed in 2009 further prevented the double taxation to be imposed on an income generated from an investment made in one of the countries. Today, we see a potential for progress in areas of biscuit, pasta-pastry products in food; automotive main-spare parts, certain iron & steel products, heating-cooling systems in the industry; pharmacy and defence industry products, furniture, and certain construction material production to further improve the trade relations between Philippines and Turkey.

Chairperson, Turkey- Philippines Business Council İlkem Şahin