MANILA, Philippines - The Brunei, Indonesia, Malaysia and the Philippines-East Asean Growth Area (BIMP-EAGA) geo-economic grouping is seeking to reinforce cooperation with the Northern Territory of Australia following meetings held last week.
The Department of Trade and Industry (DTI) said the discussions aim to re-connect and re-engage the relationship of BIMP-EAGA and the Northern Territory of Australia through increased participation in trade, investment and tourism.
“I am certain that this meeting will pave the way for a reinvigorated cooperation between BIMP-EAGA and NT, resulting concretely into more social, cultural and educational exchanges, considering the rich cultural heritage and educational excellence of both sub-regions,” Philippine senior official for BIMP-EAGA and Trade Undersecretary Prudencio Reyes Jr. said.
The DTI said BIMP-EAGA conceded Australia’s Northern Territory as its first development partner in 2004, offering extensive opportunities for the sub-region and accelerating the growth of less developed EAGA areas.
“Among its initiatives include infrastructure development; trade and investment cultivation and economic growth security,” the DTI said.
Aside from Australia’s Northern Territory, the DTI said BIMP-EAGA also holds support and participation from China, Japan and Korea.