Stronger PH-Russia trade re­la­tions eyed

Manila Bulletin - - Business -

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)

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