Pakistan, Philippines agrees to conduct feasibility studies on possible PTA

ISLAMABAD: Pakistan and Philippines Wednesday agreed to conduct feasibility studies on the possibility of Preferential Trade Agreement (PTA), deciding to form a Technical Working Group within the Joint Economic Commission (JEC) for this purpose.

The agreement was reached at the Joint Economic Commission sessions here, which was Co-chaired by Secretary, Economic Affairs Division, Arif Ahmed Khan and Deputy Minister, Industry Development and Trade Policy Group, (IDTPG) Department of Trade and Industry, Philippines, Dr. Ceferino S. Rodolfo.

The Protocol of the Session was signed by both Co-chairs here , based on major actions and decisions by both the sides.

The Inaugural Session of Pakistan–Philippines Joint Economic Commission (JEC) was held in Islamabad on February 27-28, 2018.

Both the countries agreed to re-activate the Pakistan-Philippines Joint Business Forum/Council with the participation of the Chamber of Commerce and Industry of Philippines and Federation of Pakistan Chamber of Commerce and Industry of Pakistan (FPCCI).

Pakistan offered Philippines investment opportunities in Power sector, renewable energy and small hydro power projects and training in the areas of hydro carbon like exploration, production, processing and survey etc.

In JEC meeting, both the sides presented prospective export products for each others' markets. In this regard Pakistan offered Rice, Fruit (especially Pakistani citrus and Mangoes), Leather Garments, Pharmaceutical Goods, Sports Goods and Surgical Items.

While Philippines side presented Electronics and semi conductors; Automotive Parts and Components; Processed Food and Halal Products.

Both sides agreed to hold and actively participate in trade fairs, single country and product based exhibitions in each others country on a regular basis.

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 in Pakistan on Build, Operate and Transfer (BOT) basis.

Philippines shared investment opportunities for Pakistan pharmaceutical and medical equipment manufacturing in the Philippines.

The Parties mutually agreed on exchange of visits between the officials of Central Banks of the two countries.

Pakistan and Philippines deliberated upon and agreed to review the proposals regarding revision of the convention on the Avoidance of Double Taxation between both sides as well as explore the possibility of cooperation in matters related to Customs.

The meeting was held in a spirit of friendship, cooperation and desire to make rapid advances in the above mentioned sectors/areas.

Detailed meetings were held between experts of the two sides on a number of issues, especially focusing on Trade, Investment, Energy, Agriculture, Tourism, Health, Industries and other matters of mutual interest.

During his stay in Pakistan, Dr. Ceferino S. Rodolfo called on the Minister for Commerce and Textile and Federal Secretaries for Ministries of National Health Services, Regulation and Coordination and Foreign Affairs of Pakistan.