Stronger PH-Russia trade relations eyed

The Philippines and Russia expressed intention to work closely to enhance trade and investments relations, as well as to explore cooperation areas of mutual interest, as both sides take advantage of the complementarity in each other’s industrial strengths. At the sidelines of the Philippine hosting of the 49th ASEAN Economic Ministers’ (AEM) Meeting and Related Meetings, Department of Trade and Industry (DTI) Secretary Ramon Lopez, who also serves as the 2017 AEM chair, convened a bilateral meeting with Russian Deputy Minister for Economic Development Alexey Gruzdev on 11 September in Pasay City. Both sides discussed measures for enhancing bilateral economic relations arising from the successful visit of President Rodrigo Duterte to Russia and the inaugural meeting of the Philippines-Russia Joint Committee for Trade and Economic Cooperation (JCTEC). Sec. Lopez conveyed that the Philippine initiative to engage Russia through the JCTEC is in line with the present administration’s pursuit for an independent foreign policy, securing collaboration with non-traditional partners. Both sides agreed to conduct more business missions and roundtable discussions with the private sector of both sides to know more about each other’s business environment. The Philippines reiterated the commitment of Russian President Putin to source US$ 2.5 billion worth of agricultural products from the country. (BCM)