MANILA (UPDATED) - The Philippines and Mexico have inked several bilateral agreements, including the avoidance of double taxation.
The agreements were signed during Mexican President Enrique Peña Nieto's state visit Tuesday.
In his remarks during a joint press conference with President Aquino at Malacanang Palace, Peña Nieto said,"Today, we have undersigned several agreements in the area of the economy. We have undersigned an agreement to avoid double taxation and, by this, enable trade and financial activities between our countries. In the area of tourism, we will consolidate more cooperation in areas like R&D, education, training, and also in trade promotion and investment. In the area of security, we will exchange best practices and will share information to jointly fight the scourge of drug dealing."
Aside from this, Peña Nieto said both sides agreed to accelerate the conclusion of three initiatives: the air services agreement that dates back to 1952; the reciprocal, the promotion and protection of investments,and the creation of a joint economic committee.
"This way, we will create the Mexico and the Philippines Action Plan and that would be the roadmap to strengthen our relationship. With this new institutional scaffolding, we will find new collaboration and exchange opportunities. The Philippines and Mexico are both stable, strong and dynamic nations with solid economies and a great potential for the future," he said.
For his part, President Aquino said, "Today, President Peña Nieto and I welcomed the signing of agreements on Avoidance of Double Taxation, on Tourism Cooperation, and on Anti-Narcotics Cooperation. We also took the opportunity to welcome two business agreements, which both our nations signed earlier this year."
He also congratulated Peña Nieto for Mexico’s chairmanship of the Open Government Partnership, "an endeavor the Philippines is proud of, as both a founding partner and as an advocate for transparency and openness in governance through the use of new technologies that enable our respective citizens to better engage in the process of nation-building," Aquino said.
Peña Nieto is on a state visit to the Philippines and was accorded honors for a state visit. He was feted in a state dinner with entertainment provided by local music artists led by Pops Fernandez and Jet Pangan.