Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Three deals with Israel expected to broaden B2B contracts with PHL

by
June 12, 2022
in Investing News
0
Three deals with Israel expected to broaden B2B contracts with PHL
0
SHARES
19
VIEWS
Share on FacebookShare on Twitter
RAWPIXEL.COM-FREEPIK

THREE newly signed agreements with Israel are expected to enhance business-to-business (B2B) interaction between Israel and the Philippines, bringing bilateral trade beyond pre-pandemic levels, the Israeli embassy said.

“The challenge is to show to both sides that the Philippines is an interesting market which brings interesting opportunities,” Israel Ambassador to the Philippines Ilan Fluss told reporters on Friday.

“This is done not only with figures, statistics and by sending e-mails, you have to have interaction,” he added. “Our plan now is to work more on the interaction between business to business, the private sector.”

The ambassador noted that Israel is currently searching for new partners since it depends on exports as a small country. “We always look abroad,” he added, noting that its traditional markets include the United States and Europe, with the recent addition of China and the United Arab Emirates.

Israel Embassy Economic Attaché and Head of the Economic Mission Tomer Heyvi said there is great potential for trade and investment in the Philippines. “We do expect it to grow in the coming years.”

Israel is targeting more electronics imports from the Philippines, as well as food, agriculture-based products, and consumer goods such as garments and textiles.

However, more support must be given to the private sector to achieve its potential, Mr. Fluss said. “We are not tapping the potential, this is the main message, and it is up to us to help the private sector to fulfill this potential.”

The three agreements signed last week included an investment promotion and protection agreement (IPPA), a memorandum of understanding (MoU) forming the Joint Economic Commission (JEC), and a MoU seeking to strengthen cooperation with the Israel Innovation Authority.

The IPPA, which needs ratification from Congress, provides the framework for a closer investment relationship between Israel and the Philippines. It also specifies investment protection elements such as national treatment, most favored nation treatment, free transfers, rules-based expropriation and compensation, and investor-state dispute settlement.

The JEC seeks to intensify the bilateral economic cooperation and linkages, enhance the current state of trade and investment, and address trade barriers.

Cooperation with the Israel Innovation Authority will take place in research and development and commercial relations.

Bilateral trade in goods between the Philippines and Israel peaked in 2019 at $338 million. It dropped in 2020 due to the pandemic, but rebounded to $323 million in 2021.

Mr. Heyvi said Israeli exports to Philippines are still “relatively low, consisting of only 0.3% of Israel’s total exports.

“But I’m sure that with the two major agreements, the IPPA and the joint committee, we (have) planted the seeds for better economic and trade relations between the two countries,” he added.

Once further growth has been attained, both countries can begin negotiations on a free trade agreement, Mr. Heyvi said. — Alyssa Nicole O. Tan

ShareTweetPin

Related Posts

Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Supreme Court rules petitioners have no standing in PDS ‘monopoly’ case
Investing News

Supreme Court rules petitioners have no standing in PDS ‘monopoly’ case

August 23, 2022
ERC signals planned overhaul of regulatory practices via benchmarking exercise with regional counterparts
Investing News

ERC signals planned overhaul of regulatory practices via benchmarking exercise with regional counterparts

August 23, 2022
Malaysian trade official urges PHL to sign up for RCEP  
Investing News

Malaysian trade official urges PHL to sign up for RCEP  

August 23, 2022
Next Post
Philippines forges investment promotion agreement with UAE

Philippines forges investment promotion agreement with UAE

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Jobs rise, unions dip in 2020 — PSA

Jobs rise, unions dip in 2020 — PSA

August 12, 2022
Japan turns over water system, tech-voc center in South Cotabato 

Japan turns over water system, tech-voc center in South Cotabato 

July 21, 2022
US House passes ocean shipping bill to allay export backlogs

US House passes ocean shipping bill to allay export backlogs

June 14, 2022
Maynilad clarifies water issue, starts solar farm

Maynilad clarifies water issue, starts solar farm

June 13, 2022
The esports and video game advantage

The esports and video game advantage

July 29, 2022
Philippine court affirms favorable ruling on casino operator 

Philippine court affirms favorable ruling on casino operator 

August 7, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.