Summary:

With bilateral trade reaching Rs. 34,466 crore (US$3.9 billion) in FY26, India and the Philippines are looking for new ways to improve their economic cooperation. At the India-Philippines Joint Working Group on Trade and Investment's 14th meeting in Manila, the development was emphasised. In addition to identifying potential in industries like energy, infrastructure, ICT, ITBPM, artificial intelligence, pharmaceuticals, and cinema, both parties examined trade and investment patterns. Additionally, discussions centred on enhancing the business environment through increased market access, agricultural cooperation, and customs cooperation. The ASEANIndia Trade in Goods Agreement review, a possible Preferential Trade Agreement, and trade settlement in national currencies were all investigated by the nations. Both reiterated their dedication to long-term, mutually beneficial partnerships, increased investment, and closer economic linkages.

Source: IBEF

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