PH-Russia relations bank on complementarity
September 15, 2017
MAKATI CITY – The
Philippine 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 Philippine-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 USD 2.5 billion
worth of agricultural products from the country.
Both sides affirmed the
importance of complying with respective sanitary and phytosanitary (SPS)
requirements for improved market access, as well as agreed to pursue
increased agricultural trade in line with the Memorandum of
Understanding (MOU) on Agriculture Cooperation signed during the
Presidential Visit to Russia in May 2017.
PH encouraged Russia to
explore the opportunities from PH industries particularly in
production and manufacturing, iron and steel, pharmaceuticals,
agriculture, oil and gas, energy, transport and infrastructure.