WASHINGTON — Agriculture Secretary Ed Schafer has signed a memorandum of agreement with Philippine Agriculture Secretary Arthur C. Yap to promote agricultural trade and investment between the two countries.
The objective is to advance agricultural cooperation, productivity and sustainable natural resource management through science and technology collaboration.
In addition to the memorandum, USDA will sponsor a trade and investment mission to the Philippines sometime in the fall.
“The Philippines and the United States share broad economic ties and a profound commitment to democracy,” said Schafer. “We are further strengthening our agricultural and strategic partnership through increased cooperation that standardizes food safety regulations, rural development, biotechnology and product distribution and marketing.”
The Philippines is a key market in Southeast Asia for U.S. agricultural exports, with sales reaching over $950 million in fiscal year 2007, the highest level ever.
The United States remains the top food and beverage supplier to the Philippines. At the same time, the United States is the No. 1 market for Filipino agricultural products, with sales for more than $621 million in fiscal year 2007, including coconut oil, tropical fruits and vegetables and sugar.