Philippines and Russia to bolster trade and investment ties

February 2, 2017

The Philippines and Russia held discussions to forge closer economic cooperation and strengthen bilateral trade and investment relations.

Deputy Minister of Economic Development of the Russian Federation Alexander. Tsybulskiy met with Undersecretary Ceferino Rodolfo from the Department of Trade and Industry (DTI) inManila during the co-chairs’ meeting of the Philippines–Russia Joint Commission on Trade and Economic Cooperation (JCTEC) Thursday.

The co-chairs’ meeting discussed various areas of cooperation—including trade and investments, agriculture, industry, energy, manufacturing, infrastructure, transport, tourism, science and nuclear technology, labor and higher education—that will be tabled during the inaugural session of the JCTEC, the trade department said in statement.

The inaugural session is scheduled to convene in the first half of 2017 in Manila ui preparation for the visit of President Rodrigo Duterte to Russia.

The JCTEC is the primary bilateral mechanism for both sides to discuss ways to enhance trade, investments and economic cooperation. It was established in November 18 2015 under the agreement signed during bilateral talks on the sidelines of the 23rd APEC Economic Leaders’ Meeting in Manila.

The co-chairs’ meeting was held following the executive ratification of the agreement by President Rodrigo Duterte and mutual high level policy pronouncements on deepening bilateral engagement.

In 2015, Russia was the Philippines’ 31st trading partner (out of 223), 44th export market (out of 211), and 27th import supplier (out of 203).

The top Philippine export product to Russia is carrageenan, seaweeds and other algae; while the top import of the Philippine from Russia is petroleum oils and oils from bituminous minerals. DMS