Time to activate trade agreement

First Philippine delegation headed to Colombo looking for Lankan ICT, electronic partnering

• Pioneering delegation from Manila in March ’16
• ‘Big biz, led by top official’– HE Bandillo
• ‘Time to activate trade agreement’-Rishad
• Bilateral trade jump by 59% in ’14
• ‘Looking for ICT, Electronics, Education partnering’– HE Bandillo

As Sri Lanka’s bilateral trade with the Philippines continued its steady increase, the first ever biz and trade delegation headed for Colombo from the Philippines would be looking to partner in multiple sectors-and the Philippines is also mulling the re-activation of the first Trade Agreement signed in 1980 with Sri Lanka during this forthcoming visit. “We are glad that our bilateral trade has turned around. This is good news” said the Dhaka based Philippines Ambassador to Sri Lanka (HE) Vicente Vivencio T. Bandillo speaking to Minister of Industry and Commerce Rishad Bathiudeen in Colombo.

HE Ambassador Bandillo was addressing Minister Bathiudeen during his courtesy call on him at the Ministry of Industry and Commerce on 01 December at the Ministry, Colombo 3. Joining Ambassador Bandillo on 01 December was the Philippines Honorary Consul in Colombo, Srilal Disssanayake.

“We are glad that our bilateral trade has turned around in the last few years. This is good news” said HE Ambassador Bandillo and added: “Still there are unexplored trade potentials for larger trade between both countries despite having a recent trade surge and also having an agreement signed way back in 1980. We believe it is time to get down to real business at both sides. In response to your invitation made during the 41st Philippine Business Conference in Pasaya City, the Philippines on 26 October, to the Philippine business community to visit Sri Lanka, we are now scheduling a high level trade and business delegation to Colombo in March 2016 lead by our Undersecretary of International Economic Relations Department of Foreign Affairs, Ms Laura Del Rosario. Understandably the visiting Philippine businesses in the delegation would represent sectors of ICT/BPO, electronics manufacturing, education and tourism. Representatives from Four Philippine universities too would be coming. Our growing manufacturing sector, specially electronics, will be here as well. We are also planning a Philippine road show in Colombo during this March visit. I am pleased that this is the first such high powered, big delegation visiting Sri Lanka from the Philippines in recent times.”

In 2014 bilateral trade between both countries stood at $64 million –which is an increase of a huge 59% from previous 2013’s $40 Million. At present the Philippines ranks as the 49th export destination and 37th supplier of Sri Lanka. We already have a double taxation avoidance agreement with Philippines.

“I and my Ministry warmly welcome the Philippine delegation and we are ready extend our fullest cooperation in this” said Minister Bathiudeen and added: “Though our bilateral trade with Philippines remains at modest levels of $64 million, continuous trade increase over the years is a clear trend. According to the Department of Commerce under my Ministry, there is a 225% bilateral trade increase in the five year period of 2010 to 2014. I too agree that these numbers show that the trade potentials are huge but needs to be exploited. One reason for the surge could be our double taxation avoidance agreement with the Philippines. As an ASEAN member, the Philippines is an important trade destination for Sri Lanka.”

A member of ASEAN SINCE 1967, the Philippines today has become not only a key trading gateway for South Asian economies but also a top manufacturing hub in Asia –while Manila has now grown to be a prominent outsourcing destination in Asia.

The first Trade Agreement between Sri Lanka and Philiipines was signed in 1980 to develop and strengthen direct trade and economic relations between the two countries on an equitable and mutual benefits basis. Thereafter, in Y2000, bilateral communications on cooperation based on the landmark agreement commenced.