Philippines and Indonesia eye greater cosmetics and personal care trade

The two countries are neighbours and have traditionally held tight political, business and trade ties, but are also part of the ASEAN group of country, which has also given way to greater co-operation on a regional basis.

Ahead of the 7^th Meeting of the Joint Working Group (JWG), which is an annual event aimed at promoting trade and business between the two nations with the ultimate goal of establishing mutual economic benefit, the two countries are preparing to table the discussions for this year's event.

Cosmetics and personal care is the focus

At the 6^th JWG, which was held in December 2012, trade and business representatives from the two countries had agreed to deepen ties in a number of business areas, mainly focused on the consumer goods areas, according to the Philippines Information Agency.

Besides cosmetics and personal care, the countries had said they would focus on increasing and promoting business in the areas of food, apparel and automotive, together with the development of the franchise, entertainment and education sectors.

The means of increasing trade will focus on greater co-operation between trade and industry bodies, individual companies, as well as focusing on enhanced transportation connectivity, particularly with respect to air and sea cargo.

The two countries are trading partners and growing economies

According to current statistics from the two countries, the Philippine’s annual trade with Indonesia was valued at $3.6bn, while Indonesia valued its annual trade with the Philippines at approximately $2.7bn.

Thanks to rapid economic growth in recent years, both The Philippines and Indonesia are amongst the fastest growing cosmetics markets in the Asian region, and with respect to Indonesia, worldwide.

Indeed, Indonesia is being highlighted as one of a handful of promising emerging economies right now, and is even included in the recently identified BIITS markets – Brazil, India, Indonesia, Turkey and South Africa, which have usurped the BRIC markets – Brazil, Russia, India and China – as the primary focus for growth.