Latest news with #PreferentialTradeAgreement
Mint
4 days ago
- Business
- Mint
Philippines, India taking concrete steps towards launching formal trade talks: President Marcos
New Delhi, Aug 6 (PTI) India and the Philippines are taking concrete steps towards launching formal negotiations for a Preferential Trade Agreement, Philippines President Ferdinand Romualdez Marcos Jr said on Wednesday. Addressing the 'India-Philippines CEO Roundtable Meeting', organised by FICCI, here, President Marcos emphasised that the Philippines and India see the PTA as a strategic platform to harness their shared strengths and elevate our economic partnership. "We are working to find common ground to make the PTA come as quickly as possible. We have found ways to quicken the process with strong support from both government and business chambers, we are taking concrete steps towards launching formal negotiations," he said, according to a release issued by FICCI. Marcos also stated that the government has taken a slew of measures to attract more Indian investments by ensuring ease of doing business in the Philippines. "These reforms show our commitment to create a truly enabling environment for investors, including our valued partners in India. We are encouraged by the growing momentum in our bilateral trade, which reached USD 3.3 billion in 2024-2025 and there is a scope to achieve exponential growth," he added. He further said that the Philippines Department of Trade and Industry will work with Indian counterparts, to soon convene the meeting of Joint Working Group on trade and investment. "We are not only going to have meetings of joint working group on trade and investment, but we will also granulate down to industry-specific working groups," Marcos noted. Piyush Goyal, Minister of Commerce & Industry, said that India and the Philippines are celebrating 75 years of unwavering friendship, diplomatic relations, and there is huge potential before us in the years to come. The bilateral trade, he said, today is very low and starting from a low base our ambitions should be huge. "This is one partnership where we should only aim for exponential growth and not be satisfied with incremental growth at all. Let us work together and collaborate in areas like healthcare, pharmaceuticals, information technology, science, innovation and agriculture," he stressed. Goyal also stated that both nations are working on a Preferential Trade Agreement, and have finalised the terms of reference.
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Business Standard
4 days ago
- Business
- Business Standard
Trade talks with India to begin soon: Philippines President Marcos
India and the Philippines are taking concrete steps towards launching formal negotiations for a Preferential Trade Agreement, Philippines President Ferdinand Romualdez Marcos Jr said on Wednesday. Addressing the 'India-Philippines CEO Roundtable Meeting', organised by FICCI, here, President Marcos emphasised that the Philippines and India see the PTA as a strategic platform to harness their shared strengths and elevate our economic partnership. "We are working to find common ground to make the PTA come as quickly as possible. We have found ways to quicken the process with strong support from both government and business chambers, we are taking concrete steps towards launching formal negotiations," he said, according to a release issued by FICCI. Marcos also stated that the government has taken a slew of measures to attract more Indian investments by ensuring ease of doing business in the Philippines. "These reforms show our commitment to create a truly enabling environment for investors, including our valued partners in India. We are encouraged by the growing momentum in our bilateral trade, which reached $ 3.3 billion in 2024-2025 and there is a scope to achieve exponential growth," he added. He further said that the Philippines Department of Trade and Industry will work with Indian counterparts, to soon convene the meeting of Joint Working Group on trade and investment. "We are not only going to have meetings of joint working group on trade and investment, but we will also granulate down to industry-specific working groups," Marcos noted. Piyush Goyal, Minister of Commerce & Industry, said that India and the Philippines are celebrating 75 years of unwavering friendship, diplomatic relations, and there is huge potential before us in the years to come. The bilateral trade, he said, today is very low and starting from a low base our ambitions should be huge. "This is one partnership where we should only aim for exponential growth and not be satisfied with incremental growth at all. Let us work together and collaborate in areas like healthcare, pharmaceuticals, information technology, science, innovation and agriculture," he stressed. Goyal also stated that both nations are working on a Preferential Trade Agreement, and have finalised the terms of reference. "We can use this as a basis for strengthening our bilateral ties and expanding businesses in both nations. As we move towards becoming the third-largest economy in the world in the next couple of years and as we take Indian economy from the current $ 4 trillion to $ 30 trillion by 2047, we would look at the Philippines as our trusted partner," he emphasised.
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First Post
4 days ago
- Business
- First Post
Marcos hails Operation Sindoor, seeks deeper India defence ties
The diplomatic relations between India and Philippines was established in November 1949. Both countries are now celebrating the 75th anniversary of the establishment of diplomatic relations. read more Philippines President Ferdinand 'Bongbong' Marcos Jr lauded India's Operation Sindoor as a demonstration of how military preparedness and joint exercises are vital for regional security, calling it a clear signal of the need for a 'like-minded coalition' to uphold global borders. In an interview with Firstpost, Marcos said his ongoing India visit has taken bilateral ties to 'a new phase,' with defence cooperation firmly on the table, including the procurement of more BrahMos missiles. STORY CONTINUES BELOW THIS AD Calling Prime Minister Narendra Modi 'a very impressive man,' Marcos said their meeting underscored shared strategic goals, especially in countering unilateral actions in the Indo-Pacific. He emphasised that the Philippines is not preparing for war but responding to existing challenges. 'Everything is on the table,' he said, referring to modernisation of the military. He noted that India's performance during Operation Sindoor had prompted the Philippines to seek further defence engagement, adding, 'We contacted counterparts in India… the system worked very well, no doubt.' India and the Philippines on Tuesday decided to elevate their ties to a Strategic Partnership with Prime Minister Narendra Modi and President Ferdinand R. Marcos Jr agreeing for expeditious conclusion of the negotiations of the Preferential Trade Agreement (PTA) between India and the Philippines for further promotion of mutual trade. The two countries agreed to enhance defence cooperation, with President Marcos thanking PM Modi for cooperation in the area of defence industry and export of platforms, including the BrahMos. The diplomatic relationship between the two countries was established in November 1949. Both countries are now celebrating the 75th anniversary of the establishment of diplomatic relations. Economic and commercial engagement is an important aspect of the India-Philippines bilateral relationship. Bilateral trade between India and the Philippines reached 3.5 billion USD in 2023-24. There is a notable presence of Indian companies in the Philippines, in the areas of IT and ITES, health-care and pharmaceuticals, textiles, infrastructure, FMCG, chemicals, automobiles, agriculture, among others. STORY CONTINUES BELOW THIS AD Prime Minister Narendra Modi on Tuesday announced that India will be offering free e-visas to Filipino tourists, in a reciprocal move following the Philippines' decision to grant visa-free entry to Indian nationals.
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First Post
4 days ago
- Business
- First Post
Philippines open to procuring BrahMos, other Indian defence systems amid China threat: Marcos
The diplomatic relations between India and Philippines was established in November 1949. Both countries are now celebrating the 75th anniversary of the establishment of diplomatic relations. read more Philippines President Ferdinand 'Bongbong' Marcos Jr said on Tuesday that his government remains open to acquiring India-made defence systems, including the BrahMos missile, as part of efforts to modernise the country's military and respond to growing regional security challenges. Talking to Firstpost Managing Editor Palki Sharma, Marcos Jr said 'Everything is on the table when it comes to the modernisation of our military,' Marcos said, adding, 'We are looking at what is suitable for our defence needs. We are reacting to the challenges we are getting.' STORY CONTINUES BELOW THIS AD The Philippines is currently pursuing a military modernisation programme to strengthen its deterrence capabilities, especially in the face of rising tensions in the South China Sea. The country became the first foreign buyer of the BrahMos supersonic cruise missile in 2022 and is reportedly exploring further defence collaborations with India. President Marcos reaffirmed his commitment to national security, stating, 'It is my duty to defend the country.' Addressing broader regional dynamics, Marcos called for the formation of a 'global coalition of like-minded states with shared values' to counter the growing threat posed by China's assertive actions in disputed waters. He also warned against attempts to alter territorial boundaries unilaterally, saying, 'Any unilateral attempt to change boundaries must be opposed.' India and the Philippines have been steadily enhancing their defence partnership, with both countries emphasising freedom of navigation, adherence to international law, and regional stability. India and the Philippines on Tuesday decided to elevate their ties to a Strategic Partnership with Prime Minister Narendra Modi and President Ferdinand R. Marcos Jr agreeing for expeditious conclusion of the negotiations of the Preferential Trade Agreement (PTA) between India and the Philippines for further promotion of mutual trade. The two countries agreed to enhance defence cooperation, with President Marcos thanking PM Modi for cooperation in the area of defence industry and export of platforms, including the BrahMos. The diplomatic relationship between the two countries was established in November 1949. Both countries are now celebrating the 75th anniversary of the establishment of diplomatic relations. Economic and commercial engagement is an important aspect of the India-Philippines bilateral relationship. Bilateral trade between India and the Philippines reached 3.5 billion USD in 2023-24. There is a notable presence of Indian companies in the Philippines, in the areas of IT and ITES, health-care and pharmaceuticals, textiles, infrastructure, FMCG, chemicals, automobiles, agriculture, among others. STORY CONTINUES BELOW THIS AD Prime Minister Narendra Modi on Tuesday announced that India will be offering free e-visas to Filipino tourists, in a reciprocal move following the Philippines' decision to grant visa-free entry to Indian nationals.
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First Post
4 days ago
- Business
- First Post
Philippines' Marcos calls for united front of ‘like-minded' nations to counter China threat
The diplomatic relations between India and Philippines was established in November 1949. Both countries are now celebrating the 75th anniversary of the establishment of diplomatic relations. read more Philippines President Bongbong Marcos said that the formation of global coalition of like minded states with shared valued to counter China threat. Talking to Firstpost Managing Editor Palki Sharma, Marcos Jr said that the formation of global coalition of like minded states with shared valued to counter China threat. India and the Philippines on Tuesday decided to elevate their ties to a Strategic Partnership with Prime Minister Narendra Modi and President Ferdinand R. Marcos Jr agreeing for expeditious conclusion of the negotiations of the Preferential Trade Agreement (PTA) between India and the Philippines for further promotion of mutual trade. STORY CONTINUES BELOW THIS AD The two countries agreed to enhance defence cooperation, with President Marcos thanking PM Modi for cooperation in the area of defence industry and export of platforms, including the BrahMos. The diplomatic relationship between the two countries was established in November 1949. Both countries are now celebrating the 75th anniversary of the establishment of diplomatic relations. Economic and commercial engagement is an important aspect of the India-Philippines bilateral relationship. Bilateral trade between India and the Philippines reached 3.5 billion USD in 2023-24. There is a notable presence of Indian companies in the Philippines, in the areas of IT and ITES, health-care and pharmaceuticals, textiles, infrastructure, FMCG, chemicals, automobiles, agriculture, among others. Prime Minister Narendra Modi on Tuesday announced that India will be offering free e-visas to Filipino tourists, in a reciprocal move following the Philippines' decision to grant visa-free entry to Indian nationals.
