MOSCOW: Russia has committed to significantly boost its imports from the Philippines to about $2.5 billion following bilateral talks on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Leaders Meeting here.
Trade Secretary Ramon Lopez said the first meeting between President Duterte and his Russian counterpart Vladimir Putin in this Peruvian capital turned out “good” as both sides agreed to strengthen bilateral ties. Lopez said Russia has offered the Philippines potential trade and investment partnerships in the fields of energy, machine engineering, energy equipment, railway, monorail and port infrastructure. Russia has likewise agreed to import $2.5 billion worth of the country’s agricultural products, the Trade chief said.
Russia currently buys agricultural products and beer from the Philippines worth only around $46 million a year. “I think on fruits and other products, they can easily bring up the volume,” Lopez said. “We can only look up, I mean, nowhere to go but up because it’s really a relationship that offers a lot of opportunities because before, almost nothing happens when it comes to trade and investment with Russia,” he added.
Lopez said cooperation in the areas of training and supplies for law enforcement, counterterrorism, anti-narcotics, national emergency, education, finance and market access were also forged.“We were able to establish contacts. We will set up a joint commission to work on the details of cooperation and follow through,” he said.
Meanwhile, Lopez said Philippine ties with China continue to soar to greater heights. Duterte also met with Chinese President Xi Jinping during the APEC bilateral meetings. “As a follow-through to the recent state visit, both leaders recognize closer ties. It is a new chapter and there is increased understanding and friendship,” Lopez said. “The renewed friendship is definitely translating to a resurgence in Philippines-China cooperation,” he added.
