Philippine companies negotiated as much as $875 million worth of business deals on the third day of the first ever trade mission to Russia, Trade Secretary Ramon Lopez said Friday.
Lopez said most of the transactions were in the industries of iron and steel, transport, agri-business, multi-purpose vehicles, power, energy, property development, transport and construction.
“There are also economic, scientific and technical cooperation among private and government institutions like Trade Department’s Philippine Trading International Corp., Board of Investments, industry associations like the Philippine Chamber of Commerce and Industry, Roscongress Foundation and CCRIF of Russia,” he added.
The new ties between the two countries are expected to result in a possible free trade agreement.
