MANILA /the Philippines/, October 5. /TASS/. Russia and the Philippines have reached an agreement to encourage the opening of correspondent accounts in the two countries’ banks for building trade relations, Russia’s Deputy Minister of Industry and Trade Alexey Gruzdev said in an interview with TASS following the third meeting of the intergovernmental commission on trade and economic cooperation between the two countries that took place in Manila.

Some 90% of the Philippines’ foreign trade is serviced in dollars and euro, Gruzdev said, adding that this prevents Russian exporters from carrying on trade with the republic. "Representatives of the Bank of Russia attended the meeting from our side, there was communication with the Philippine regulator. We spoke about the possibilities that have been created in Russia, that allow doing trade smoothly amid sanctions restrictions. We agreed on encouraging the opening of correspondent accounts between the two countries’ banks and using mechanisms in place for servicing trade operations. We also agreed on continuing consultations, including through central banks. Our partners perfectly understand that they need developed infrastructure for servicing trade," he noted.

The participants of the Russian-Philippine business forum on Wednesday discussed the prospects of boosting trade cooperation. Russia’s delegation was represented by such companies as Rosatom, Gazprom, Novostal-M, Miratorg, Uralkali, TMK, Kamaz and more. Representatives of Russian governmental agencies, the Bank of Russia, the Federal Service for Veterinary and Phytosanitary Supervision and the Federal Customs Service also took part in the forum.