BAKU, Azerbaijan, June 5. In a significant step towards strengthening trade ties, Kazakhstan and the Philippines witnessed a 2.4-fold increase in their bilateral trade volume from January through April 2023, Trend reports.
The bilateral trade reached a total value of $8.9 million.
This was stated at the meeting between Kairat Torebayev, Vice Minister of Trade and Integration of Kazakhstan, and Igor Bailen, Ambassador of the Philippines to the Republic of Kazakhstan.
During the meeting, the officials discussed the current state and future prospects of trade and economic cooperation between the two countries. Both sides agreed that the current bilateral trade volume falls short of its true potential. Consequently, they resolved to work together to boost the levels of bilateral trade.
Torebayev further highlighted the Export Acceleration Program, jointly implemented by the Ministry of Trade and Integration in collaboration with Qaztrade Center for Trade Policy Development, aimed at facilitating the export of non-commodity Kazakh goods to third-country markets.
The Philippine side expressed its interest in importing oil and petroleum products from Kazakhstan and readiness to supply fishery products, coconuts, and other commodities to the Kazakh market.
