THE Philippines and Pakistan are eyeing investments in pharmaceutical manufacturing amid the potential market opportunities in pandemic.
The Department of Trade and Industry (DTI), in a statement on Monday, reported that DTI Secretary Ramon Lopez recently met virtually Pakistan Ambassador Designate Imtiaz Kazi to discuss potential trade and investment opportunities between the countries.
Among the investment areas highlighted during the meeting was pharmaceutical manufacturing. Kazi said that Pakistan has a “comparative advantage” in that field, as noted by the Trade department.
Apart from this, Manila and Islamabad also tackled opportunities in boosting trading of agricultural products such as rice and potatoes. These, in addition to potential cooperation agreement to support the country’s garment export capacity.
Lopez, meanwhile, shared with Pakistan how it can collaborate with the Philippines to access the countries under the Regional Comprehensive Economic Partnership (RCEP).
“Once RCEP Agreement entered into force, even non-RCEP countries like Pakistan can take advantage of the Agreement by considering the Philippines as a manufacturing hub for products of interest in the region,” he explained.
RCEP was signed by 10 Asean member states and five Asean FTA partners, including Australia, China, Japan, Korea and New Zealand in November last year. India did not sign, however, due to unresolved trade concerns but the free trade agreement is still open for its accession.
One of the world’s biggest economic deals, RCEP covers roughly a third of the global gross domestic products and international trade.
Last year, bilateral trade between the Philippines and Pakistan amounted to $154 million.
Manila’s top exports to Pakistan are garments, paper products, cosmetics, dairy products, processed fruits, coconut products, tobacco, electronic components and machineries, iron, steel, cement and chemicals.
Meanwhile, top imports from Pakistan include housewares, textiles, processed foods, dairy products, marine products, fresh foods, tobacco, textile yarns and twines, and industrial products.
The two countries signed two economic deals, including the Philippines-Pakistan Trade Agreement in 1961 and the Philippines-Pakistan Agreement for the Promotion and Reciprocal Protection of Investment in 1999 in Manila.
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