China and the Philippines have agreed to enhance bilateral trade and communication along with easing maritime tensions between the two countries by resuming oil and gas cooperation in the South China Sea.
A joint statement issued on Thursday highlighted that 14 agreements were signed between the Philippines President Ferdinand Marcos and Chinese President Xi Jinping who met in Beijing on Wednesday.
Xi said that China and the Philippines are both developing countries in Asia, and the development of the two countries is rooted in a regional environment of good neighborly and friendly relations, and rooted in a big Asian family of win-win cooperation.
Xi said to Marcos that “48 years ago, your father [Ferdinand Marcos Sr., former Philippine president 1965-1986] and the old generation of Chinese leaders” made the historic decision to establish formal diplomatic ties between China and the Philippines. “Hopefully, your visit will not only be a ‘trip of reminiscence’ but also a trip of opening the future. China will always place the Philippines at a prioritized direction for neighboring diplomacy, and to insist looking at the China-Philippines relations from a height of strategy and overall situation,” Xi said.
South China Sea
The 14 elements were based on easing security tensions and strengthening economic cooperation between the two countries which are striving to mend their relationship after the Philippines won a 2016 arbitral ruling that invalidated China’s expansive claims in the South China Sea.
The two leaders agreed to “appropriately manage differences,” according to a joint statement. The leaders had an “in-depth and candid” discussion about the situation in the South China Sea and “reaffirmed the importance of maintaining and promoting peace and stability in the region,” the statement added.
“We agreed that maritime issues between the two countries do not comprise the entirety of our relations,” President Marcos said while adding that marine rivalry remained a “significant concern and priority” for the Philippines and the region.
Agreements
Along with the 14-element-agreement, the two leaders also witnessed the signing of a series of mutual cooperation documents including the China-proposed Belt and Road initiative, and other fields such as agriculture and fisheries, finance, infrastructure, customs, tourism, and e-commerce.
Both sides agreed to recommence the talks on oil and gas exploration in the South China Sea and discuss collaboration on areas including solar, electric vehicles, wind, and nuclear power.
Coastguards from China and the Philippines would also meet “as soon as possible” to discuss “pragmatic cooperation”.
Xi and Marcos held a friendly and productive bilateral meeting during the visit, in which they recalled the development of bilateral relations, rooted in a history marked by high-level exchanges and enriched by strong economic and people-to-people ties.
President Ferdinand Marcos’ visit is an expression of companionship and sincerity of the Philippines towards China and the Chinese people as well as of his strong confidence in the future development of the mutual relationship between the two nations at the auspicious start of the New Year, according to the joint statement.