The Philippines and Russia on Wednesday inked two agreements that aim to bolster cooperation on trade and economic and on combating illegal drugs particularly the new psychoactive substances.
The two agreements were signed during the bilateral meetings between Philippine President Benigno Aquino III and Russian Federation Prime Minister Dmitry Anatolyevich Medvedev at the sideline of the 2015 Asia Pacific Economic Cooperation (APEC) Leaders’ Summit at the Philippine International Convention Center.
The agreement on the establishment of a Philippine-Russia Joint Commission on Trade and Economic Cooperation was signed by Philippines’ Trade and Industry Secretary Gregory Domingo and Russia’s Economic Development Minister Alexei Ulyukayev.
Under the agreement, the Philippines and Russia will identify measures to facilitate the flow of bilateral trade and investments, and explore areas and sectors where cooperation could be expanded and intensified in the near future.
It is also envisioned to get the participation of the private sector and business community, as well as experts in the economic field to complement governmental efforts to bolster Philippines-Russia economic cooperation.
On the memorandum of agreement (MOA) in the fight against illegal drugs, the Philippines and Russia seek to strengthen cooperation to prevent production, spread and abuse of new psychoactive substances through exchanges of information and methods, advisory and expertise assistance, and the conduct of research, among others.
The memorandum will complement the Philippine-Russia agreement signed in 2007 to combat the illicit trafficking of narcotic drugs, psychotropic substances and their precursors. (PNA /Jelly F. Musico)