These agreements represent the steady growth of bilateral trade between the Philippines and China. Today, China is one of the country`s largest trading partners, with an export value of $944.23 million in August 2019. In addition, with 23.1% of total imports in August 2019, it also brings the highest value of imported goods into the country. China is also one of the country`s largest investors with investments of $980 million in 2018. Memorandum of Understanding regarding the use of China`s $400 million preferential loan to the Philippines between the Export Import Bank of China and the Philippine Ministry of Finance. Signing in Manila, August 30, 2003. Postal parcel agreement between the Office of Posts of the Republic of the Philippines and the Directorate General of Telecommunications of the People`s Republic of China. Signing in Beijing, November 18, 1978. Other ASEAN free trade agreements have concluded a preferential agreement with China, Hong Kong, India, Japan, South Korea, Australia and New Zealand. Visit www.dti.gov.ph/15-main-content/dummy-article/682-free-trade-agreements and tariffcommission.gov.ph/finder/ for a list of Philippine trade agreements and tariff plans and related commitments.
More information on trade is also available on the Philippine National Trade Repository website pntr.gov.ph/. Joint statement of intent between the Ministry of Commerce and Industry of the Republic of the Philippines and the General Administration of Quality Supervision, Inspection and Quarantine of the People`s Republic of China on Cooperation on Industrial Products Safety and TBT Measures. Signing in Manila, January 15, 2007. Memorandum of Understanding on Mining Cooperation between the Ministry of Trade and Industry (DTI) and the Chinese Ministry of Commerce (MOFCOM). Signing, January 18, 2005. Prior to the 1970s, the Philippine government had close relations with Taiwan (Republic of China) ruled by the Kuomintang and saw China (People`s Republic of China) as a security threat.  In the early 1970s, it began to normalize relations with China; The two countries began diplomatic relations on 9 June 1975 by signing the joint communiqué by the heads of state and government of the two countries. Over the past 34 years, relations between China and the Philippines have generally achieved smooth development and remarkable results in all areas of bilateral cooperation. Since the establishment of diplomatic relations, exchanges of high-level visits between China and the Philippines have been frequent. The presidents of the Philippines, Marcos (June 1975), Corazon Aquino (April 1988), Ramos (April 1993), Estrada (May 2000), Gloria Macapagal-Arroyo (November 2001 and September 2004) and Benigno Aquino III (August-September 2011) visited China. Prime Minister Li Peng (December 1990), Chairman of the Standing Committee of the 8th National People`s Congress, Mr.
Qiao Shi (August 1993), President Jiang Zemin (November 1996), Minister Zhu Rongji (November 1999), Chairman of the Standing Committee of 9 November 1999. National People`s Congress Li Peng (September 2002), Chairman of the Standing Committee of the 10th National People`s Congress of Wu Bangguo (August 2003), President Hu Jintao (April 2005) and Prime Minister Wen Jiabao (January 2007) visited the Philippines. During President Jiang Zemin`s state visit to the Philippines in 1996, the heads of state and government of both countries agreed to establish a cooperative relationship based on good neighbourliness and mutual trust in the 21st century, and reached an important consensus and a comprehensive “dispute and development” on the South China Sea issue.