THE Philippines and India have agreed to start negotiations on a bilateral preferential trade agreement (PTA), as well as boost joint defense and maritime security between both countries.
The governments of the Philippines and India have both announced to agree to start negotiations on a bilateral PTA as announced during the 5th India-Philippines Joint Commission on Bilateral Cooperation (JCBC) at Hyderabad House in New Delhi, India on June 29.
The said JCBC agreement was led by Philippine Foreign Affairs Secretary Enrique Manalo and his counterpart Indian Minister of External Affairs (EAM) Jaishankar.
In a joint statement, the SFA and EAM expressed satisfaction at the growing pace of bilateral trade, which had for the first time crossed the level of 3 billion US dollars in 2022 to 2023, and agreed to commence negotiations on a bilateral preferential trade agreement
“SFA and EAM expressed satisfaction at the growing pace of bilateral trade, which had for the first time crossed the level of $3-B in 2022-23, and agreed to commence negotiations on a bilateral preferential trade agreement,” joint statement on the 5th India-Philippines Joint Commission on Bilateral Cooperation.
The DFA and EAM also acknowledged the growing engagement between businesses of the Philippines and India, and this includes nearly 30 business-to-business meetings held over the last 3 years in various sectors.
Both Manalo and Jaishankar agreed to encourage Filipino and Indian companies to sustain engagement and explore new investment opportunities.
The two top diplomats also likewise stressed the need for expanded connectivity as well as ease of travel to boost not only trade and investment but also tourism and people-to-people exchanges.
Manila and New Delhi also decided to boost maritime cooperation, as well as defense, and law enforcement cooperation.
This includes the opening of The Resident Defense Attache Office In Manila, consideration of India’s offer for a concessional line of credit to meet the defense requirements of the Philippines, acquisition of naval assets, and expansion of training and joint exercises on maritime security as well as disaster response, among others.
The top diplomats also said they looked forward to the signing of the MOU on enhanced maritime cooperation between the Coast Guards of the Philippines and India.
Both countries also discussed forging a new MOU in preventing and combating terrorism, and transnational crime.
