RP seeks closer trade ties with Indonesia, Vietnam

The Philippines is seeking closer bilateral trade ties with Indonesia and Vietnam.

This was announced yesterday by Trade Undersecretary Thomas Aquino who recently attended the Fifth Asia-Europe Economic Ministers Meeting (ASEM EMM 5) in Dalian, China.

Aquino said during the bilateral discussion with China, there was agreement on the importance of cooperation and the establishment of Mutual Recognition Agreements (MRAs) on consumer goods, particularly pharmaceutical products, footwear and apparel.

The bilateral cooperation with Indonesia would complement and accelerate a region-wide effort in the ASEAN where MRAs are considered a priority undertaking.

The MRAs would also enhance the Philippines’ advantage in promoting broader market access of key export products and services, while boosting domestic industries and creating job opportunities in areas such as Mindanao.

Between the Philippines and Vietnam, a closer cooperation through the promotion of increased frequency and capacities of airline flights and the exchange of language teaching assistance were explored.

Aquino met with Vietnam’s Minister for Trade Truong Dinh Tuyen to discuss areas of cooperation and complementation.

Vietnam is one of the Philippines’ closest neighbors in terms of geography and population size.

In 2002, Philippine exports to Vietnam amounted to $103 million, while total trade was $384 million.

Philippine shipments to Indonesia, on the other hand, totaled $201 million with total trade amounting to $946 million for the same period.

The Philippines and Indonesia comprise 60 percent of the ASEAN population and represents a market of 300 million people.