The Philippines and Germany are in talks to negotiate arrangements on raw materials and renewable energy (RE).
In a report by the Business World, German Foreign Minister Annalena Charlotte A. Baerbock said that Germany looked into strengthening the partnership between the two countries by investing in the Philippines’ renewable energy (RE) sector.
Baerbock said that German investors found the country fitting to explore RE sources, given its richness in renewable assets and raw materials.
Furthermore, both countries are working towards climate strategies, with the Philippines being more exposed to calamities.
In 2022, the Philippines was Germany’s 12th largest trading partner, the 15th largest source of import, and the 10th largest export destination.
Last year, $2.9 billion in imports and $2.8 billion in exports made up the $4.7 billion in trade with Germany. In the EU, Germany also became the country’s principal commercial partner.
Germany also considered reopening a free trade agreement (FTA) between the European Union and the Philippines. To this, Trade Secretary Alfredo E. Pascual replied that the FTA was being reviewed to ascertain what would be incorporated into the agreement.