Русский
The Russian-Philippines Commission on Trade and Economic Cooperation has been meeting, with , Russian Deputy Industry and Trade Minister Alexei Gruzdev saying that cooperation between Russia and the Philippines in the energy sector could become one of the drivers for the growth of trade turnover between the two countries.
Gruzdev said “We see good prospects for increasing interaction in the energy sector, including establishing supplies of traditional energy carriers, such as liquefied natural gas [LNG] and liquefied petroleum gas [LPG]. In addition, Russia sees significant potential for cooperation in nuclear energy. Rosatom is ready to offer effective energy solutions, including construction of low-capacity nuclear power plants, as well as floating power units.”
He added that Russian companies are also interested in providing engineering services in designing hydropower facilities, creating renewable energy facilities, and supplying equipment for energy projects in the Philippines.
Currently, bilateral trade turnover is “subject to the influence of geopolitical and geo-economic factors, serious volatility in global commodity markets, which unfortunately directly affects the dynamics of our trade relations. Effort is required to improve the quality of mutual trade and diversify its structure.”
Current Russian exports to the Philippines are dominated by products from the metallurgical and chemical industries and the timber sector, as well as agricultural goods and food products. Philippines exports to Russia include electronics, chemical industry goods and agricultural products.
Bilateral trade reached about US$650 million in 2024 and is low for Russian trade with an ASEAN member with a GDP (PPP) of US$1.733 trillion and a population of 115.8 million.
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