RI-RP trade continues to expand

RI-RP trade continues to expand

MANILA (JP): Trade between Indonesia and the Philippines
continued to expand last year but at the slower growth rate of
31.67 percent, down from 60.73 percent in 1995, according to data
at the Indonesian embassy here.

The embassy's commercial attache, Achmadi, said yesterday
bilateral trade was US$692 million in 1996 (as of November), up
from $704 million in 1995 and $438 million in 1994.

"The final figure for last year may reach $740 million,"
he said.

Trade over the last three years has been in favor of Indonesia
with a $432 million surplus last year, $446 million in 1995 and
$296 million in 1994.

Philippine imports from Indonesia are mainly copper
concentrates, anhydrous ammonia, urea, bituminous coal and other
kinds of coal.

Achmadi said Indonesia imported mainly agricultural products
like coconut oil, fresh and chilled shallots.

Meanwhile, the Philippines Chamber of Commerce and Industry
and the Makati Business Group, a body grouping the Philippines'
leading business groups, gave full support for the first ASEAN
business summit which will be held in Jakarta next month.

Aburizal Bakrie, chairman of the Indonesian Chamber of
Commerce and Industry, said more than 400 firms would participate
in the event.

Aburizal, who is also the ASEAN Chambers of Commerce and
Industry president, visited Manila as part of his ASEAN tour to
promote the summit.

He also met yesterday with Philippines Minister of Trade and
Industry Cesar Bautista.

The summit will promote ASEAN business and investment
opportunities in five sectors: food and agriculture, automotive
industry and capital goods, banking and insurance, franchises,
and intellectual property rights and legal services and
infrastructure.

The summit will gather business and government leaders from
ASEAN countries and ASEAN's major trading partners.

ASEAN groups Brunei, Indonesia, Malaysia, the Philippines,
Singapore, Thailand and Vietnam. (icn)