China, Russia embrace set as PH creates trade focus teams
President Rodrigo Duterte and Russian President Vladimir Putin meet for the first time during a bilateral meeting at the sidelines of the Asia-Pacific Economic Cooperation (APEC) Leaders’ Meeting in Lima, Peru on November 19. ROBINSON NIÑAL JR./ Presidential Photo
The Philippines is moving to bolster its pivot to China and Russia with the creation of joint economic commissions (JECs), aimed at strengthening bilateral trade and investment ties in key areas particularly the agriculture, energy and infrastructure sectors.
In a text message to reporters late Sunday, Trade Secretary Ramon M. Lopez said the developments emerged during bilateral meetings held on the sidelines of the recently concluded Asia-Pacific Economic Cooperation (Apec) Leaders’ Meeting held in Peru.
In particular, the meeting between President Duterte and Russian President Vladimir Putin saw the two leaders agreeing to set up a joint economic commission to work on the details of prospective cooperation and other initiatives, Lopez said.
The different areas where the Philippines and Russia are open to boosting trade and investments are in energy, machine engineering, hardware, energy equipment, modernizing and retrofitting machines, port infrastructure, monorail system, and agriculture.
Banana imports
In the agriculture sector alone, Lopez disclosed earlier Russia had already committed to buying $2.5 billion worth of fruits, grains and vegetables from the Philippines in the next 12 months.
The two countries were also looking at creating frameworks for cooperation in tourism, education, financing and market access. They will also both exchange ideas on law enforcement and counter-terrorism, Lopez said.
He said Mr. Duterte and Chinese President Xi Jinping also threshed out what was taken up during the Philippine leader’s state visit to China last month.
New chapter
“The bilateral meeting with China was a follow through to the recent state visit. Both leaders recognized closer ties. This is a new chapter [in the two countries’ bilateral relations]. There was increased understanding and friendship. Mr. Duterte was praised by Chinese President Xi Jinping for his leadership, patriotism, humility, love and sincerity to Filipino people,” he said.
He noted “recent agreements in the visit were also put into action by China.”
He said China recently tasked its central planning agency National Development Reform Commission (NDRC) to work on other programs and to see to it that agreements, grants and investments were implemented.
“There will be support in rice production, fisheries, fruits as well as financing from the (Export-Import Bank of China). While for tourism, China has already lifted the travel advisory last Oct. 20 and we expect a sharp rise in tourism,” he said.
He said he also received reports that the Chinese already signed a deal to purchase 100,000 tons of fruits from the Philippines worth about $100 million.
Drug war
The Trade chief also disclosed the two leaders discussed countering narcotics and smuggling and agreed to cultural cooperation, people-to-people exchanges and sharing of expertise on other relevant industries.
He said Mr. Duterte was also invited by the Chinese leader to attend an international dialogue in China in September 2017 as well as a forum about the new economic trade route called Silk Road in May next year.
“My observation is that the renewed friendship is definitely translating to a resurgence in Philippine-China cooperation, The Department of Trade and Industry is working out the details for the Joint Commission on Economic and Technical Cooperation, which may be set up in the first quarter next year,” Lopez said.
