New Delhi, August 6 (PTI) India and Philippines take specific steps to start formal negotiations on the preferential trade agreement, said President Filipin Ferdinand RomualDez Marcos Jr on Wednesday.
President Marcos, who focuses on meeting a round table in India-Philippines organized by Ficci, stressed that the Philippines and India consider PTA to be a strategic platform that uses their shared strengths and increases our economic partnership.
“We are trying to find a common ground to come as quickly as possible. We have found ways to speed up the process with strong support for government and chambers, we take specific steps to start formal negotiations,” he said.
Marcos also said that the government had taken a number of measures to attract more Indian investments by ensuring the ease of business in the Philippines.
“These reforms show our obligation to create a truly allowing environment for investors, including our valuable partners in India. We are encouraged by growing dynamics in our bilateral trade, which reached $ 3.3 billion in the years 2024-2025 and there is a scope to achieve exponential growth,” he added.
He also stated that the Philippine Ministry of Commerce and Industry would cooperate with Indian counterparts to soon convene a meeting of a joint working group for trade and investment.
“Not only will we have meetings of a joint working group for trade and investment, but we will also grab the working groups specific to the industry,” Marcos said.
Piyush Goyal, Minister of Commerce and Industry, said India and Philippines have been celebrating 75 years of unwavering friendship, diplomatic relations, and there is huge potential in the coming years. Bilateral trade, he said, is very low today and starting from the low base, our ambitions should be huge.
“This is one partnership where we should focus only on exponential growth and not to be satisfied with incremental growth at all
Goyal also stated that both nations are working on a preferential business agreement and completed the reference conditions.
“We can use it as a basis for strengthening our bilateral ties and expanding businesses in both countries. When we move to become the third largest economy in the world in the next few years, and when we get the Indian economy from the current $ 30 trillion to $ 2047, we look at the Philippines.” ”
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