The country’s trade chief was able to secure Turkey’s commitment to expand trade relations with the Philippines in line with the Duterte administration’s goal of improving ties with nontraditional partners.
Trade Secretary Ramon M. Lopez headed a delegation that convened the first Philippine-Turkey Joint Committee on Economic and Technical Cooperation (JCETC). He also discussed with Turkish trade officials issues relating to trade, investment promotions and economic cooperation.
Under the JCETC, various areas of trade and investment were tackled by Lopez and Turkish National Defense Minister Nurettin Canikli, including micro, small and medium enterprises (MSMEs); manufacturing of textiles and garments; pharmaceuticals; agricultural processing for mango, coconut and banana; hospitality services; infrastructure; and air services.
“The Philippines is committed to pursue several growth opportunities by strengthening partnerships with emerging economic partners like Turkey,” Lopez said in a statement.
On top of this, trade cooperation on customs; energy; science and technology; education; standardization; film and creatives; defense; and contracting and consultancy services were also put on the table. On Turkey’s part, its government offered to exports products from Manila and vowed to explore the opportunity to invest in the country, especially in textiles and pharmaceuticals.
Aside from this, the Turkish government also informed the Philippine delegation that it is ready to provide interest-free financial assistance to any project critical to the country’s development and security. As a predominantly Muslim country, Ankara expressed interest in helping Manila rebuild Marawi City, Lanao del Sur, through financing MSMEs in the Islamic town.
Trade Undersecretary Ceferino S. Rodolfo Jr. also signed a memorandum of understanding (MOU) on investment promotions with Arda Ermut, president of the Investment Support and Promotion Agency of Turkey.
Under the MOU, the two trade departments will exchange best practices and information on investment environment and opportunities.
“Engaging with Turkey is in line with the thrust of President Duterte’s administration to engage with nontraditional trading partners to reinvigorate ties and increase trade between both countries,” Lopez said. Turkey is not a well-known trade partner of the country.
In 2016 Turkey was the country’s 45th trading partner, 45th export market and 43rd import supplier. From January to November of last year, total trade between the Philippines and Turkey reached $163 million.
Lopez said the government intends to expand trade ties with Turkey because this is currently confined to desiccated coconut, personal-care products, electronics and tires. He added these areas will broaded in the days to come, owing it to the momentum gained by the two countries in recent talks between government officials and business delegates.
“During our discussions, we noticed that there are opportunities for our Philippine exporters—whether manufactured goods or services—to further tap the Turkish market,” Lopez said.
After Turkey, the delegation is headed to Budapest to discuss trade and investment opportunities with Hungarian government officials.