JEC assembly backs reactivation of Joint Enterprise Council, wider sectoral cooperation
Secretary Financial Affairs Division Muhammad Humair Karim Kidwai. Picture: File
MANILA:
Pakistan and the Philippines agreed to discover the potential of a Preferential Commerce Settlement (PTA) and to strengthen their financial engagement through the 2nd Assembly of the Pakistan-Philippines Joint Financial Fee (JEC) held in Manila.
In accordance with an official assertion issued on Friday, the assembly was co-chaired by Secretary Financial Affairs Division Muhammad Humair Karim Kidwai and Undersecretary for Worldwide Commerce Atty Allan B Gepty of the Philippine Division of Commerce and Business. Pakistan’s Ambassador to the Philippines Dr Asima Rabbani and Philippine Ambassador to Pakistan Dr Emmanuel R Fernandez, together with senior officers from each side, additionally attended.
The 2 sides exchanged views on the worldwide financial atmosphere and shared updates on their respective financial outlooks and commerce coverage priorities. They reviewed bilateral commerce and funding ties and acknowledged appreciable untapped potential for enlargement.
Pakistan highlighted export prospects in agricultural items and halal-certified merchandise and proposed enterprise exchanges, commerce gala’s and a devoted enterprise discussion board. Each side underscored the significance of personal sector engagement and supported reactivating the Pakistan-Philippines Joint Enterprise Council. Pakistan additionally proposed enhanced funding cooperation, together with a memorandum of understanding between the respective Boards of Funding and the institution of a Joint Working Group on Funding.
Discussions on market entry points included Pakistan’s emphasis on early decision of its pending requests. Each side agreed to proceed engagement via established channels. They welcomed exploring a Preferential Commerce Settlement (PTA), noting that feasibility research would information future discussions. The present JEC framework might also be strengthened to include expanded sectoral cooperation.
Sectoral discussions coated agriculture, irrigation and water administration, halal growth, well being and prescription drugs, banking and taxation, increased training and technical and vocational training and coaching (TVET), vitality and minerals, tourism and visa facilitation.
In agriculture, each side emphasised cooperation in seed growth, plant selection safety, high quality assurance and community-based irrigation initiatives. On halal growth, discussions targeted on compliance coaching, certification exchanges and strengthening provide chains. In well being and prescription drugs, structured collaboration via a devoted working group, together with regulatory cooperation and facilitation of pharmaceutical and medical system commerce, was mentioned.
Talks on banking and taxation coated digital funds, remittance corridors, monetary innovation, supervisory cooperation and doable updating of the Double Taxation Settlement. The assembly concluded with each side reaffirming their dedication to deepen financial ties and translate agreed initiatives into tangible outcomes.
