On the sidelines of the 14th Foreign Ministers' Meeting of the Asia-Europe Meeting (ASEM) in Madrid, Philippine Foreign Secretary Teodoro Locsin and Chinese State Councilor and Foreign Minister Wang Yi have made an agreement to advance bilateral cooperation in oil and gas exploitation.
As the two countries celebrate next year the 45th anniversary of the establishment of diplomatic ties, Wang said bilateral relations are about to embrace new development opportunities.
China will actively push for substantive progress in this cooperation in line with the MoU agreed by the two countries.
To push for progress in bilateral oil and gas cooperation, the Philippines also said it is ready to work with China.
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