ISLAMABAD, Aug 10 (APP):Ambassador of Philippines to Pakistan, Dr. Emmanuel R. Fernandez, on Monday reiterated the commitment to enhance bilateral trade between Pakistan and the Philippine to US$ 500 million, stressing that the private sectors and chambers of commerce of both countries could play a pivotal role in expanding trade and economic relations. "The current bilateral trade between Pakistan and the Philippines stood at around US$ 197 million, which was …
Philippines, Pakistan seek to boost bilateral trade to US$ 500 million; private sector, chambers key: Philippines envoy
ISLAMABAD, Aug 10 (APP):Ambassador of Philippines to Pakistan, Dr. Emmanuel R. Fernandez, on Monday reiterated the commitment to enhance bilateral trade between Pakistan and the Philippine to US$ 500 million, stressing that the private sectors and chambers of commerce of both countries could play a pivotal role in expanding trade and economic relations.
“The current bilateral trade between Pakistan and the Philippines stood at around US$ 197 million, which was significantly below the actual trade potential of the two countries. There was, therefore, a need to explore new avenues for trade, investment and business-to-business linkages,” Ambassador of Philippines to Pakistan, Dr. Emmanuel R. Fernandez said this in an exclusive interview to APP here.
The Ambassador said the Philippines, being the second-largest market in The Association of Southeast Asian Nations (ASEAN) in terms of population, could serve as an important gateway for Pakistan to the ASEAN region and the Philippines could also play a significant role in strengthening Pakistan’s trade and economic engagement with ASEAN member states.
The envoy said that after the finalization of a Regional Free Trade Agreement (FTA) with ASEAN, Pakistan could benefit substantially from the approximately US$ four trillion ASEAN market. Such integration would be a major milestone in promoting Pakistan’s regional economic integration, exports and connectivity with Southeast Asian economies.
He said the Pakistan-Philippines Joint Economic Council was already functioning as an important institutional mechanism to review bilateral economic and trade relations, investment-related matters and progress in expanding trade between the two countries.
The Ambassador said that the Philippines Embassy in Islamabad was taking measures to facilitate Pakistani travelers by issuing more visas and making the visa process easier. More than 5,000 Pakistanis visit the Philippines every year for tourism, while a significant number of Filipinos also visit Pakistan, particularly the scenic northern areas.
He said the Philippines Embassy in Islamabad was currently issuing up to around 320 visas per month. He added that the possibility of establishing direct air connectivity between Pakistan and the Philippines could not be ruled out, as direct flights would be important for promoting tourism, business and people-to-people contacts.
The Ambassador said the Philippines had more than 7,600 islands and offered a wide range of tourism opportunities. Its diverse culture, society and natural attractions made it an attractive destination for Pakistani tourists, while Pakistan’s northern areas also offered considerable potential for attracting Filipino visitors.
He said there was substantial potential for trade and cooperation between Pakistan and the Philippines in halal products, adding that both sides had already made considerable progress in this area.
Halal tourism, halal medical products and halal beauty products were among the emerging areas where the two countries could further expand cooperation, he said, adding that the sector offered significant opportunities for future bilateral economic engagement.
The Ambassador said Pakistan and the Philippines also had vast opportunities for cooperation in the blue and green economies, and considerable progress had already been made by both sides in exploring collaboration in these emerging sectors.
He identified pharmaceuticals, automobiles, electronics, e-commerce and tourism, and agriculture as key sectors for enhancing bilateral trade and investment. Greater interaction between the private sectors of the two countries could help identify new business opportunities and translate the existing potential into concrete economic partnerships.
The Ambassador also emphasized the importance of strengthening youth-to-youth relations between Pakistan and the Philippines, saying that young people from both countries could play an important role in promoting e-commerce, digital entrepreneurship and the digital economy.
Philippines envoy further said that universities in Pakistan and the Philippines were also moving towards agreements for providing scholarships to students, which would help strengthen educational cooperation and create greater opportunities for youth from both countries to benefit from each other’s academic and professional experiences.
