The East Asia Business Council China Committee Secretariat paid a formal visit to the Embassy of The Philippines, Philippine Trade and Investment Center on Friday, January 10. The two sides discussed relevant issues, and agreed to form strategic cooperation to further enhance trade and economic relations between Philippines and China. The East Asia Business Council (EABC) was inaugurated in April 2004 in Kuala Lumpur, as a result of the recommendations from the East Asia Study Group conducted by the ASEAN+3 governments. It is established as a result of an implementation strategy proposed by the East Asia Study Group and endorsed by ASEAN+3 Leaders on October 7, 2003. The EABC is comprised of three business leaders from each ASEAN member countries, Japan, China and Republic of Korea, appointed by the respective Economic Ministers.The objectives of the Business Council are as follows (http://www.eabex.org/about-eabc):
- To provide private sector perspective and feedback to deepen economic cooperation and to promote the region's economic growth; and
- To strengthen cooperation among the private sectors in ASEAN, China, Japan and Republic of Korea, as well as promote intra regional trade and investment.