Pakistan and Philippines to Initiate Trade Talks Next Month: Ambassador Rabbani
Pakistan and the Philippines are set to initiate preliminary discussions next month on a proposed Preferential Trade Agreement (PTA), opening a new avenue for expanding bilateral trade, investment, and economic cooperation, as stated by Pakistan’s Ambassador to the Philippines, Dr. Asma Rabbani.
Dr. Asma highlighted the potential benefits of the PTA, including diversifying the bilateral trade basket, rationalizing tariffs, and unlocking untapped economic opportunities between the two nations. She noted that both countries have vast potential to strengthen economic ties by integrating businesses into global and bilateral supply chains.
A key agreement reached during the 2nd meeting of the Pakistan-Philippines Joint Economic Commission (JEC) in Manila last February was to conduct feasibility studies and establish a technical working group to explore PTA possibilities. The goal is to increase annual trade to $500 million by enhancing commerce and trade liberalization.
The JEC discussions focused on expanding cooperation in the rice sector, including a government-to-government memorandum of understanding for multi-year rice procurement, as well as halal sector collaboration. Pakistan's rice exports to the Philippines have seen remarkable growth, increasing by around 700% in the past year. The ambassador expressed her efforts to secure a larger import quota for Pakistan in the Philippine market.
While current bilateral trade stands at approximately $200 million, it falls short of the countries' actual potential. Key areas identified for enhanced cooperation include pharmaceuticals, surgical instruments, agriculture, food products, textiles, banking and financial services, information technology, digital economy, and tourism.
Dr. Asma emphasized the importance of private sector collaboration in identifying new business opportunities and establishing stronger commercial ties, particularly in sectors like banking, digital economy, and information technology where Pakistan holds significant competitive advantages.