Japan, RP work on trade pact talks

Japan, RP work on trade pact talks

TOKYO: Japan and the Philippines have reached a basic agreement on a bilateral free trade agreement, a Japanese official said on Friday.

The agreement was reached between Japanese Trade Minister Shoichi Nakagawa and his Philippine counterpart Cesar Purisima in talks on the sidelines of Asia-Pacific Economic Cooperation meetings in Santiago, Chile.

"The broad agreement just reached will be used to finalize the FTA to be signed later," said the trade ministry official. The official declined comment on when it will be signed but the Jiji Press news agency said that will happen later this month when Japanese Prime Minister Junichiro Koizumi meets Philippine President Gloria Arroyo in Laos. -- AFP

;AP; ANPAf..r.. Money-Pakistan-roads ADB approves new loan for Pakistan JP/16/Money

ADB approves new loan for Pakistan

ISLAMABAD: The Asian Development Bank said on Friday it has approved a US$301 million loan package to improve the road network in northwestern Pakistan.

The loan will fund the construction or improvement of about 1,200 kilometers of roads to improve connections to the Afghan border and the southern port of Karachi.

A statement by the bank's office in Pakistan said the loan has a 25-year term and a grace period of five years. -- AP