6 days ago
India-Philippines strategic partnership to strive for PTA conclusion
India and the Philippines today announced the establishment of a strategic partnership between the two sides following talks between Indian Prime Minister Narendra Modi and Philippine President Ferdinand R Marcos Jr in New Delhi.
Guided by the Plan of Action (2025-2029) adopted by the two countries today, the India-Philippines Strategic Partnership includes economic, trade and investment cooperation.
India and the Philippines today announced the establishment of a bilateral strategic partnership following talks between Indian PM Narendra Modi and Philippine President Ferdinand R Marcos Jr in New Delhi. Apart from promoting business and commercial linkages, both sides will strive for expeditious conclusion of the negotiations of the proposed preferential trade agreement.
Apart from promoting business and commercial linkages, both sides will strive for expeditious conclusion of the negotiations of the proposed preferential trade agreement (PTA) for further promotion of trade.
Both sides will promote further collaboration to facilitate two-way investments.
Bilateral trade was worth approximately $3.3 billion in fiscal 2024-25.
Both the nations will facilitate early resolution of market access issues, foster greater integration with global supply chains and lay a robust foundation for new areas of collaboration, especially in renewable energy, critical minerals, electric vehicles, digital technologies and artificial intelligence, robotics, biotechnology, creative industry and start-ups, construction and infrastructure, iron and steel, shipbuilding and ship repair, agriculture and tourism.
Both sides will facilitate joint customs cooperation committee meetings for improved trade facilitation through simplified customs procedures, a release from the Indian Prime Minister's Office said.
They will expedite the review of ASEAN-India Trade in Goods Agreement (AITIGA) to make it more effective, user-friendly, simple and trade facilitative for businesses.
Other elements of the partnership are cooperation in politics, defence, security, maritime issues, science and technology, connectivity, culture, tourism, and legal and judicial services.
Fibre2Fashion News Desk (DS)
