Pakistan and the Philippines should make collective efforts to boost bilateral trade, which is far below the actual potential, said Ambassador of Philippines to Pakistan Daniel Ramos.
Speaking to business community at the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday, he considered it the perfect time to resume bilateral business activities.
“The Philippines and Pakistan possess a huge untapped potential in oil, pharmaceutical, citrus fruit, rice, medical and surgical instrument, construction material and various other sectors of the economy,” he said.
The envoy pointed out that Manila was in dire need of construction material because a large-scale infrastructure development programme was under way. He also underlined the need for forming joint ventures in the textile sector.
“The Philippines exports electronics goods, machinery, motor parts, fresh tropical fruits and processed food to Pakistan,” he pointed out. “Renowned brands of the Philippines are keen to gain a foothold in Pakistan’s market.”
Speaking on the occasion, LCCI President Mian Tariq Misbah said strong bilateral trade relations would bring both countries closer to each other. He emphasised that private sectors of the two nations needed to make joint efforts in order to succeed in exploiting the untapped potential of bilateral trade.
Citing figures, he lamented that the volume of bilateral trade fell from $205 million in 2010 to around $170 million in 2019. “Traditionally, the balance of trade has been in favour of Pakistan, but the two nations can provide benefit to each other only by enhancing the trade volume,” he noted.
Misbah pointed out that the Philippines was ranked 34th among top exporters of goods to Pakistan while it was placed at the 50th position among top importers of goods from Pakistan.
Pakistan’s exports to the Philippines ranged between $115 million and $140 million over the last three years. On the other hand, Pakistan’s imports from the Philippines averaged around $65 million.
“We need to boost our trade relations and lift the trade value to reasonable levels,” he said. “To achieve that, we should work on identifying new products for trade.”
He highlighted that Pakistan’s major exports to the Philippines comprised rice, chemicals, pharmaceutical products, citrus fruit and glass containers. On the other hand, Pakistan’s major imports included automotive parts, ferrous scrap of iron, cigarette papers, fruits and nuts.
“With the help of people-to-people contacts and interaction between private sectors of the two countries, we can bridge communication gap,” he said. “There is tremendous room for trade and economic cooperation, especially in the areas of value-added textile, leather products, processed food and tourism.”
Published in The Express Tribune, February 17th, 2021.
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