Russia and Philippines draw up agenda for trade and economic cooperation
Cooperation between Russia and the Philippines on trade and economic issues has been discussed at a meeting in Manila between the Co-Chairs of the Philippines–Russia Joint Commission on Trade and Economic Cooperation – Russian Deputy Minister of Economic Development Alexander Tsybulskiy and Undersecretary at the Philippine Department of Trade and Industry Ceferino Rodolfo.
The key matters discussed at the meeting concerned the launching of the intergovernmental commission, created in November 2015, agreement on the date, venue and agenda for the bilateral commission’s first meeting, and identifying routes for activating Russian–Philippine trade and economic cooperation.
“I am convinced that the work of the commission will positively influence the development of bilateral relations between our countries and enable us to unlock their full potential. Great prospects lay before us and, having established an effective means of cooperation, we will be able to fully capitalize on the promise our bilateral relations hold,” said Tsybulskiy.
At the same time, the Deputy Minister drew attention to a reduction in trade turnover between the two countries. “In the period between January and November 2016, Russian–Philippine trade fell by 25.2% to USD 401.8 million, with Russian exports accounting for USD 140.9 million and imports for USD 260.9 million,” he noted.
In spite of this, he announced that a range of promising sectors exist for Russian–Philippine cooperation, development of which could give a new boost to bilateral relations, highlighting in particular the agricultural sector. Another promising area is cooperation in improving transport infrastructure in the Philippines. “We are impressed with the growth potential of the Philippine gas market, and are interested in increasing cooperation in supplying liquefied natural gas. We also have a shared interest in developing tourism, including strengthening direct contacts between tour operators in both countries, sharing experience and collaborating in training staff,” Tsybulskiy added.
The Deputy Minister expressed Russia’s considerable interest in establishing cooperation in all areas – a fact which will be reflected in the agenda of the intergovernmental commission’s first session, and which will have a favourable impact on strengthening ties. Tsybulskiy also invited his Philippine colleagues to the 21st St. Petersburg International Economic Forum, which will take place on June 1–3, 2017.
The meeting concluded with the signing of a joint declaration by the Co-Chairs of the Philippines–Russia Joint Commission on Trade and Economic Cooperation.
Source: economy.gov.ru (Russian)
