ISLAMABAD, July 29: Pakistan and Philippines on Tuesday signed an agreement to establish a Joint Economic Commission (JEC) for boosting cooperation in the areas of trade and investment.

The agreement was signed by acting Secretary Junaid Iqbal and Philippines Ambassador to Pakistan Jamie J Yumbao.

Under the agreement, both the countries would endeavour to promote higher levels of economic cooperation through increased trade and investments between them and would set arrangements for implementation of the decision.

A statement issued here said that the JEC was an important forum that will exchange information and views on both countries regarding economic situation, global economic issues and any other subject for their mutual benefit.

The meetings of the JEC will be held in both the countries. Secretary Economic Affairs Division (EAD) is the co-chairperson from Pakistan’s side, while Undersecretary of Trade and Industry would represent Philippines on the commission.