Daily Times

MANILA: 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.