Malacañang has finally released the memorandum of understanding (MOU) between the Philippines and China to work together under Beijing’s Belt and Road Initiative (BRI).
The MOU was among the 29 deals signed during the state visit of Chinese President Xi Jinping to the Philippines last week.
READ: PH, China sign MOU on oil and gas development, 28 other deals
The Belt and Road Initiative seeks to build a trade and infrastructure network and was China’s mode of reviving the ancient Silk Road trade route.
Under the MOU, the two countries agreed to pursue projects under the initiative with “the strictest respect for national laws, rules, regulations, and policies.”
It also states that the participants, the Philippines and China, will be guided by principles of “mutual respect for territorial integrity and sovereignty” and “complete transparency in their common endeavors to expand mutually beneficial cooperation.”
The Philippines and China also agree to hold “regular dialogue” on “key macroeconomic policies and development strategies.”
“This memorandum of understanding does not create legally binding obligations for the participants. It is an expression of their common aspiration to cooperate on the Belt and Road Initiative for their mutual benefit,” the MOU read.
President Duterte is expected to attend the second edition of the Belt and Road Forum for International Cooperation in April 2019 in Beijing upon the invitation of Xi. /muf
READ: Duterte accepts Xi’s invitation to visit China anew in April 2019
