|
As the bilateral trade between India and Philippines reached USD 3.9 billion in 2025-26, both the countries are looking to speed up the review of the ASEAN-India Trade in Goods Agreement (AITIGA) and later exploring a bilateral Preferential Trade Agreement (PTA), as per a statement by Ministry of Commerce & Industry.
Additionally, both the countries are looking expand economic cooperation in potenial sectors including energy, infrastructure, information technology, artificial intelligence, pharmaceuticals and film. Officials from both countries met in Manila on Thursday for the 14th Joint Working Group on Trade and Investment meeting which was co-chaired by Amit Verma, Joint Secretary, Department of Commerce, Ministry of Commerce and Industry of the Republic of India, and Allan B. Gepty, Undersecretary, Department of Trade and Industry, International Trade Group. Both the countries discussed trade and investment trends, identified key products and services for cooperation, and explored ways to strengthen business ties. "Improving the business environment to facilitate trade was another key focus," the release said. Additionally, the parties talked about customs cooperation and facilitation, agricultural cooperation and market access for specific products, and trade settlement in national currencies. The two sides also discussed speeding up the review of the ASEAN-India Trade in Goods Agreement (AITIGA) and later exploring a bilateral Preferential Trade Agreement (PTA) between India and the Philippines. The meeting highlighted the importance of strengthening economic relations and reaffirmed the commitment of both countries to expanding trade and investment cooperation. On the sidelines of the meeting, Indian officials held discussions with Indian businesses in the Philippines on trade and investment opportunities and ways to strengthen bilateral commercial ties. The next meeting of the India-Philippines Joint Working Group on Trade and Investment will be held in New Delhi. "Overall, the meeting underscored the strategic importance of strengthening bilateral economic ties, reaffirming both countries' commitment to building a more dynamic and mutually beneficial partnership," the release said. "The JWGTI meeting served as a platform for India and the Philippines to exchange perspectives on global, regional, and bilateral developments, with a strong emphasis on enhancing trade in goods and services and investment ties," ministry added. (ANI)
|
