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| By Mia Gonzalez |
| Reporter |
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| THE Philippines and New Zealand are exploring the possibility of processing New Zealand milk in the Philippines as part of efforts to improve two-way trade between them.
A Palace press statement said this was discussed by New Zealand Prime Minister Helen Clark and President Arroyo, who is on a 3-day visit to New Zealand.
Clark said “there are new opportunities to be explored in the energy and technology sectors, afforestation, and in the development of the Philippines’ dairy industry.” Afforestation is the conversion of open land into a forest by planting trees.
“The New Zealand-Australia-Asean Free Trade Agreement being negotiated at present may help open more doors, particularly in the areas of services and investment,” added Clark.
The processing of New Zealand milk in the Philippines would reduce the trade imbalance that, at NZ$650 million last year, is heavily tipped in favor of New Zealand.
The Philippines is the fourth-biggest market of dairy products for New Zealand, and the second-biggest market of New Zealand’s processed milk.
Philippine exports to New Zealand increased to $53.06 million in 2006 from $38.86 million in 2005, mostly in food products and electronics.
New Zealand imports from the Philippines decreased to $271.41 million in 2006 from $276.25 million in 2005, most of which are food items.
Last year, New Zealand was the Philippines’ 25th-largest trading partner, 30th export market, and 22nd import market.
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http://www.businessmirror.com.ph/05292007/headlines02.html
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