Pakistan and Philippines have agreed to enhance bilateral trade ties and explore investment opportunities at the Joint Economic Commission (JEC) meeting.
The two-day event was co-chaired by Secretary Economic Affairs Division, Arif Ahmed Khan and Deputy Minister of Industry Development and Trade Policy Group of Philippines, Dr Ceferino S. Rodolfo.The two countries agreed to re-activate the Pakistan Philippines Joint Business Forum and Council with the participation of Chamber of Commerce and Industry of Philippines and Federation of Pakistan Chamber of Commerce and Industry.
Pakistan offered Philippines investment opportunities in the power sector, particularly in the renewable energy and small hydro power projects. Training opportunities in the areas of hydrocarbon exploration, production, processing and survey were also offered by Pakistan.The two sides agreed to collaborate in the area of post-harvest management and processing of rice and banana.
Pakistan invited Philippines to invest in construction of highways on `Build, Operate and Transfer` (BOT) basis. Potential investment opportunities for Pakistani pharmaceutical and medical equipment manufacturing in the Philippines were presented on the occasion.The two countries agreed for exchange of visits between the officials of their respective central banks.
Both sides deliberated upon and agreed to review the proposals regarding revision of the convention on the `Avoidance of Double Taxation` between Pakistan and the Philippines and cooperation in matters related to the Customs. Detailed deliberations were held between experts of the two sides on trade, investment, energy, agriculture, tourism, health, industries and other matters of mutual interest. The two sides agreed to hold trade fairs, single country and product-based exhibitions in each other`s country on a regular basis. It was agreed to conduct feasibility studies on the possibility of `Preferential Trade Agreement` and for the formation of a technical working group within the JEC for this purpose.
