(June 25) U.S. Agriculture Secretary Ed Schafer has signed a memorandum of agreement with Philippine Agriculture Secretary Arthur C. Yap to promote agricultural trade and investment between the two countries.

The Philippines is a key market for U.S. agricultural exports, with sales topping $950 million in fiscal year 2007, while the U.S. is the No. 1 market for Filipino agricultural products, with sales of more than $621 million in fiscal year 2007, according to a news release summarizing the new agreement.

The U.S. Department of Agriculture is set to sponsor a trade and investment mission to the Philippines in the fall.