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Philippines, Russia in talks to tighten trade, investment ties

Xinhua, February 2, 2017 Adjust font size:

The Philippines and Russia are in talks to straighten ties in trade, energy, tourism and even in fighting crime, a government statement said on Thursday.

The Philippine Department of Trade and Industry said talks are under way between Manila and Moscow to forge closer economic cooperation and strengthen trade and investment relations.

In a statement to the media, the government said that Russia's Deputy Minister of Economic Development Alexander Tsybulskiy met last week Philippine Trade Undersecretary Ceferino Rodolfo in Manila to map out the plan to hold the inaugural meeting of the Philippines-Russia Joint Commission on Trade and Economic Cooperation or JCTEC in Manila before President Rodrigo Duterte's visit to Russia in spring.

"The 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," the statement read.

Established in November 2015, the Philippines-Russia JCTEC is the primary bilateral mechanism for both countries to discuss ways to enhance trade, investments and economic cooperation.

In 2015, Russia was the Philippines' 31st trading partner out of 223 countries and regions, the 44th export market out of 211 and the 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 Philippines from Russia is petroleum oil and oil obtained from bituminous minerals.

Rodolfo said the Philippines is set to maximize opportunities in the Russian market as it becomes more globally integrated.

Meantime, Philippine Ambassador to Russia Carlos Sorreta said he met with Lt. Gen. Alexander Avdeyko, head of the Legal and Treaties Department of the Ministry of the Interior, in Moscow last Jan. 24 to discuss ways to combat the growing threat of transnational crimes, especially drug trafficking, terrorism, and human trafficking, among others.

"The two officials acknowledged the necessity of consolidating efforts in combatting (these threats)," a government statement said.

"The Philippines recognizes Russia as an important partner in advancing its national security goals, including in its fight against transnational crimes and other public safety public order issues," Sorreta said.

He added, "For this reason we are keen on establishing institutional linkages (or legal framework between the the Philippines and Russia) to facilitate cooperation in this sphere."

"The two officials agreed to speed up work on a draft legal framework in time for the visit of Duterte to Moscow slated in the first half of 2017. Both acknowledged the importance of security cooperation as a pillar of Philippine-Russia relations," the statement read. Endit