NEW DELHI, January 29: The Philippines has agreed to support India's plea for becoming a member of the Asia-Pacific Economic Cooperation (APEC) and Asia-Europe Meeting (ASEM).This was indicated at the 5th India-Philippines Joint Committee meeting in Manila from January 20-21, says an official release issued in Delhi on Thursday.
Both sides have also agreed to set a target of $500 million for bilateral trade by 2000 AD, projecting a substantial increase in the volume of trade from its present level of around $199.47 million.
The Indian delegation at the meeting was led by commerce secretary P.P. Prabhu. Both sides appreciated the remarkable growth of bilateral trade in 1997-98 despite the recent currency crisis in East Asia.
According to available data for April-October 1997, India's exports to the Philippines at $ 166.63 million have registered an increase of 61 per over the same period last year. It was agreed that both countries would diversify their respective basket of exports in order to achievecontinued growth and, to this end, lists of preferred commodities of exports for both countries were exchanged.
The release says a major breakthrough has been achieved in the supply of agricultural commodities, including rice and meat, with the Philippines side agreeing to consider import of Indian origin rice and to allow Indian suppliers a level playing field vis-a-vis preferred exporters as was the case in the past.
In the case of meat, the Philippines side has agreed to accredit more agencies from India (at present only one agency is accredited) which will open up prospects for higher exports in future.
The Philippines also indicated the likelihood of tariff on gems and jewellery coming down to zero-level, which is significant in view of the fact that India has been pursuing the matter of reduction of duty in this sector.
It has also been agreed that the Philippines will consider the issue of multiple visa, including visa from third countries, to businessmen from India favourably at an early datein order to facilitate interaction among business communities of both sides.
Introduction of fast track registration procedures for Indian manufacturers in the pharmaceutical sector who have registered with the US and EU will also be considered by the Philippines -- a step which will greatly facilitate export of bulk drugs from India. Further, in the railway sector, the Philippines side has agreed to favourably consider proposals offered by RITES for their major projects including rehabilitation of coaches and hydrographic survey of the economic zones in the Philippines.
In addition, both sides have agreed to enhance cooperation in the areas of small and medium enterprises, non-conventional energy, agricultural sciences and technology, manufacture of herbal medicines and formulations and in textile design and fabric exports through ITPO and NIFT.
In order to promote Philippines products in the Indian market, the Philippines will participate in some of the major fairs and exhibitions to be held inIndia.
During his stay, Prabhu had a useful interaction with the Philippines secretary of trade and industry minister C Baucista when possibilities of greater cooperation between the two countries were discussed.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
