Philippines, India working on preferential trade agreement: Ambassador Josel Ignacio
New Delhi, July 22 (IANS) India and the Philippines are working toward a Preferential Trade Agreement (PTA) with the objective of expanding the range of goods traded between the two countries while investment cooperation is also growing steadily, the Philippines Ambassador to India, Josel F. Ignacio, said on Wednesday.
The bilateral trade continues to grow and after crossing the US$3 billion mark in 2023, it is now approaching US$4 billion, he told IANS in an exclusive interview.
“Several Indian companies are already operating successfully in the Philippines, particularly in information technology, business process management, pharmaceuticals and infrastructure. We welcome even more Indian businesses to explore the many opportunities available in the Philippines through our improving business environment and investment incentives,” the Ambassador said.
At the same time, Philippine companies are increasingly investing in India, particularly in renewable energy and the food sector and more business delegations from both countries are expected to visit each other in the coming months, which will further strengthen the economic partnership, he added.
“Prime Minister Modi has transformed India in many ways. Today’s India is very different from what it was decades ago,” he remarked.
“We see India making significant progress towards the vision of Viksit Bharat, and the Philippines fully supports India’s developmental aspirations. Under our current leadership, both countries are building an increasingly strong partnership, and Prime Minister Modi deserves considerable credit for elevating India–Philippines relations to their present level,” he observed.
Ignacio also highlighted that the Philippines is closely following India’s Semiconductor Mission.
“This initiative reflects the bold vision of the Government of India under Prime Minister Modi, and we wish India every success,” he remarked.
He stated that the Philippines has been an important part of the global semiconductor supply chain for more than 50 years, particularly in chip assembly, testing and packaging. The country is now seeking to move further up the semiconductor value chain. Technology including artificial intelligence is increasingly driving global economic growth, and semiconductors lie at the heart of this transformation, he added.
“Both India and the Philippines have strengths in this sector, and we believe there are significant opportunities for cooperation where both countries can leverage each other’s expertise,” the Ambassador said.
He pointed out that India and the Philippines share common priorities, including economic prosperity, connectivity, the rule of law, food security, energy security and digital public infrastructure.
The Ambassador further stated that people-to-people relations between the two countries have also improved tremendously. There are direct flights between the two countries. Tourism is increasing in both directions, supported by a more relaxed visa policy as Indians can now travel to the Philippines visa-free for up to 14 days for tourism or short-term business.
All these developments reflect the strong foundation of our relationship and provide an excellent basis for future growth, he added.
–IANS
sps/pk
