Philippines, Russia agriculture trade deal set for next year

MANILA, Philippines — The agricultural trade deal between the Philippines and Russia is pushing through next year as part of the government’s efforts to boost exports.

Agriculture Secretary Emmanuel Piñol said President Duterte has approved the proposal of the Department of Agriculture (DA) to bring in about 200 Russian investors and businessmen to the country by February 2018.

“The Russian delegation is expected to include buyers of agricultural commodities such as cavendish banana, pineapple, cacao, mango and aqua-marine products like shrimps and milkfish,” he said.

The trade and agriculture forum was among the agreements reached during the bilateral meeting between DA and the Russian Agriculture Ministry during the 31st ASEAN Summit last week.

The other agreements reached were the organization of a technical working group composed of representatives from both countries for the inspection of facilities.

The inspection of processing facilities will also commence by the early part of next year and the Philippines is expected to export high value crops including bananas, mangoes and fisheries products.

The Philippines, on the other hand, will look into Russia’s wheat, grains, and farm machineries.

“Both sides also agreed to recommend to their respective governments the opening of air links between Russia and the Philippines to promote trade engagements and tourism,” Piñol said.

Last May, the Philippines entered into a deal with Russia to market, promote and buy agricultural products, as a result of the government’s state visit in the said country.

To recall, Russia pledged to buy $2.5 billion worth of agricultural products from the Philippines.

Top export products to Russia include  carrageenan, seaweed and algae while petroleum oils obtained from bituminous minerals are the top imports from Russia.

In 2015, Russia ranked 31st out of 223 trade partners and the Philippines’ 44th largest export market and 27th largest source of imports.