During the December 2015 discussions, senior officials identified specific activities that could boost trade and investment between Australia and the Philippines. This agenda will be developed and implemented in 2016. It is generally accepted that economic relations between Australia and the Philippines have considerable potential. The Philippine and Australian Ministers of Foreign Affairs and Trade meet under the auspices of the Philippines-Australia Ministerial Meeting (PAMM). The MMAP defines the direction and vision of bilateral relations and serves as a forum for discussion of initiatives and activities to strengthen the partnership. In 2014, services trade between Australia and the Philippines amounted to AUD 1.3 billion, 64% more than in 2010. Australia`s main services exports to the Philippines in 2014 were educational and personal travel, while the Philippines` main services exports to Australia were business and personal travel. AANZFTA is the most comprehensive FTA-ASEAN agreement and governments have worked to ensure that the agreement enjoys other benefits. AANZFTA is also the basis of the Comprehensive Regional Economic Partnership (RCEP), which is due to be concluded by the end of 2016.
Australia currently has 31 bilateral international social security agreements. Australia and the Philippines have a long history of bilateral cooperation. The two countries have much in common, are geographically close to both and share perspectives on many regional, economic and security issues. Strengthening its already important engagement with countries in the dynamic Asia-Pacific region is a strong foreign and trade policy priority for Australia. As a founding member of APEC and an active participant in the East Asia Summit (EAS), Australia also contributes to the development of regional institutions that promote stability, security and prosperity throughout the region. Trade in two-lane goods increased by 66% between 2010 and 2014 to reach AUD 2.9 billion. Australia`s major exports to the Philippines include metal ores and concentrates, copper ores and concentrates, wheat and beef. Philippine exports to Australia include heating and cooling facilities and parts, mechanical handling equipment, pumps and parts, as well as electrical machinery There are also new investment opportunities between the Philippines and Australia, which strengthens the complementarity of our economies. Australia`s agreements with Austria, Belgium, Chile, Croatia, Czech Republic, Estonia, Finland, Germany, Greece, Hungary, India, Ireland, Japan, Korea, Latvia, Republic of Northern Macedonia, Netherlands, Norway, Poland, Portugal, Slovak Republic, Switzerland and the United States also include provisions regulating supplementary pension contributions and social security contributions from partner countries for non-resident workers , to avoid double coverage. For more information on the superannuation guarantee, please visit the Australian Taxation Office website.
In general, the agreements allow Australian residents to maximize their income by helping them to demand payments from other countries where they have spent part of their working lives.