BoI sees PHL, Russia setting up joint trade commission soon

THE Board of Investments (BoI) expects to inaugurate a Joint Commission on Trade and Economic Cooperation (JCTEC) with Russia sometime in the first half of 2017, amid mutual interest to develop trade and investment relations following the government’s pivot towards non-traditional trading partners.

Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said that the agreement, which he said was ratified early in 2016, will cover multiple sectors including infrastructure, energy, and industrial development.

“That is your bilateral platform for enchancing trade and investment relations. Having a JCTEC signifies strong interest in both countries,” he said in a media briefing yesterday.

He said he will meet with Russia’s Deputy Minister for Economic Development Alexander Tsybulskiy on Jan. 26.

The Philippines has been moving closer towards Russia and China as it pursues a foreign policy independent from longtime Western allies such as the United States. President Rodrigo R. Duterte is scheduled to visit Russia in May.

Mr. Rodolfo said that the JCTEC has been in the works at least since the administration of Former President and now Pampanga Rep. Gloria Macapagal-Arroyo. He said that it is normal for economic cooperation with certain countries to gain speed when national priorities shift.

“If I’m not mistaken, we worked on this for a decade. It depends on the appetite of each country,” he said.

He added that apart from the shift in political climate with President Duterte inching closer to Kremlin, other economic indicators also make the Philippines an attractive hub for trade and investment, citing the 7.1% third quarter growth and the large consumer market in the Philippines.

This could also be seen as Russia’s way of developing a stronger relationship with Asia, especially since it has a strong relationship with Vietnam and Thailand. —