Business Daily from THE HINDU group of publications
Saturday, Oct 06, 2007
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Business Daily from THE HINDU group of publications Saturday, Oct 06, 2007 ePaper |
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Industry & Economy
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Foreign Trade Government - Foreign Relations India, Philippines sign pacts to co-operate in 9 sectors
Increasing ties: The Prime Minister, Dr Manmohan Singh, and the Philippines President, Ms Gloria Macapagal-Arroyo, at Hyderabad House in the Capital on Friday. — Our Bureau New Delhi, Oct. 5 India and the Philippines on Friday signed nine agreements that would see the two countries co-operate not only in trade and energy matters but also work together to combat international terrorism. The agreements were signed during the ongoing visit of the Philippines President, Ms Gloria Macapagal-Arroyo. The two countries have agreed to establish a joint commission and encourage co-operation in a number of sectors including health and pharmaceuticals, information technology, mining, real estate, science and technology, and agriculture. Exim Bank creditA memorandum of understanding was also signed on the utilisation of a $15-million credit line agreed to between Philippines and the Exim Bank of India. As part of the $100 million offered to ASEAN countries as soft lines of credit, the Department of Economic Affairs approved a $15-million line of credit for the Philippines for gems and jewellery cutting, polishing machinery, and other equipment. The repayment period for the loan is 12 years including a four-year moratorium. Energy pactBesides, a memorandum of agreement was also signed to enhance co-operation in the field of renewable energy that envisages collaboration in research, design, development and demonstration of renewable energy technologies, solar photovoltaic, solar heating and other renewable sources of energy. An agreement was also signed that envisages the State trading corporations of the two countries exporting and importing a variety of products. While the products of export interest from India include rice, wheat, sugar, corn and flour, the products of export interest from Philippines include coconut, fatty acids, mining ore, and jatropha products among others. More Stories on : Foreign Trade | Foreign Relations
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