PH, Paraguay sign key trade, investment deals
The Philippines and Paraguay have signed several agreements, including those involving trade, agriculture and foreign affairs, with the two countries committing to strengthen their bilateral ties toward a strategic partnership.
The deals were signed during the official visit of Paraguay President Santiago Peña to the Philippines on Monday—the first leader from the South American country to visit Manila in over 60 years of diplomatic relations.
The two countries committed to boost their trade relations by connecting their private business communities and facilitating the exchange of their prime commodities, as well as to expand this partnership to their respective regional blocs.
Pivotal step
President Marcos and Peña witnessed the signing of the Memoranda of Agreement between the Philippines and the Chamber of Commerce and Industry, and Paraguay’s Investment and Export Network or Rediex.
During a joint press conference, Mr. Marcos said the initiative was “a pivotal step in establishing contacts between Philippines and Paraguayan companies.”
“President Peña and I discussed the potential of increasing trade and investment between our two nations, starting with generating awareness and interest among businesses of both sides, with the longer-term objective of identifying and enabling economic and commercial opportunities,” he added.
According to Mr. Marcos, he also raised to Peña the possibility of Philippine exports of tuna, sardines, milkfish and other products to Paraguay, which “will certainly give a boost to our local industry.”
For his part, Peña welcomed the opening of the Philippine market to imports of Paraguayan beef, pork and poultry, which has been in force since August last year.
Foreign Secretary Ma. Theresa Lazaro and her Paraguayan counterpart, Foreign Minister Ruben Ramirez, also signed the visa waiver agreement, which institutionalizes the mutual provision of visa-free privileges for ordinary passport holders, “expediting business, tourism and people-to-people exchanges between our two countries.”
