Home » RP- Kuwait Agree To Hasten Flow Of Trade And Investments

RP- Kuwait Agree To Hasten Flow Of Trade And Investments

News From : DagangHalal.com (31 Dec 2009)

The governments of Philippines and Kuwait have agreed to expand trade and investments by exploring ways to improve trade relations and ease the flow of goods, services, and investments between the two countries.

Trade and Industry Senior Undersecretary Thomas G. Aquino said this after the First Philippine-Kuwait Joint Trade Committee Meeting (JTCM) was held here recently.

The bilateral meeting was considered a milestone in the history of bilateral trade and economic relationship between the two countries. The meeting will put into realization the implementation of the trade agreement between the two countries that was signed on September 14, 1997 in Kuwait, Aquino said.

The JTCM was culminated by the signing of the Summary Record of Discussions by Secretary Peter B. Favila of the DTI for the Philippines and Minister Ahmad Rashed Al-Haroun of the Ministry of Commerce and Industry for Kuwait.

Various issues and concerns that both countries consider as crucial in the improvement of trade and investments for both countries were tackled during the JTCM.

Kuwait conveyed its readiness to work with the Philippines to reduce the processing time for visa application for Philippine businessmen and government officials.

The reduced number of processes for visa application would ease the travel of Philippine businessmen and government officials and therefore would hasten the conclusion of business transactions and official business between the two countries.

The Kuwaiti delegation also said that they will seriously study the proposal of the Philippines to reduce the current 15-day clearance time for trade samples intended for trade fairs, exhibitions, missions, or prospective Philippine clients in Kuwait.

The shorter time needed to clear trade samples with customs would encourage businessmen to expand participation in trade fairs, exhibitions, shows, and missions.

The Philippines also expressed its interest for the reduction of authentication fees and the shortening of the 5- day authentication period for pertinent trade documents such as commercial invoices.

The Philippines agreed to formally submit to Kuwait a comparative table that contains the fees charged by other similarly situated countries in the region.

On food standards, more particularly shelf life and acceptable food additives for food, both sides agreed to address issues that would further open up opportunities for standards-compliant food products from the Philippines.

Kuwait committed to provide the necessary information on the food standards of the GCC, of which Kuwait is a member, for better appreciation and understanding of Philippine food exporters.

The Kuwaiti delegation also promised to convey to the Kuwait Municipality the request of the Philippines for assistance in the recognition of the National Halal Accreditation Board of the Philippines (NHABP) and for the reduction of authentication fees on halal certification imposed by the Kuwaiti government.

The recognition by Kuwait of the NHABP would go a long way towards helping Philippine halal products attain easier access to the Kuwait market.

The Philippine and Kuwaiti sides agreed to hasten work for the ratification of the Double Taxation Agreement that was signed on November 3, 2009 in Kuwait and to activate the said Agreement as soon as possible. Both sides also agreed to ensure active status of the Agreement on the Promotion and Reciprocal Protection of Investments between the two countries that was signed in March 2000.

Likewise, both sides agreed to provide facilities for the exchange of information, data, studies for both countries; participation in conferences, symposia, exhibitions in both countries.

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