Trade Agreement Between India And Philippines

According to the Indian Ministry of Foreign Affairs, trade between India and the Philippines is about $1.6 billion. [11] Economic relations have gradually developed over the years. Despite the effects of the India-ASEAN free trade agreement on merchandise trade, trade between India and the Philippines amounted to some $1.981 billion in 2016/2017. In 2016/17, India`s exports totaled $1487 million and imports $494 million. However, a number of growth drivers point to substantial and sustainable growth in trade and investment in both lanes, supported by the conclusion of the Services Trade and Investment Agreements between India and ASEAN. Indian investment in the Philippines is mainly active in the textile, apparel, information technology, steel, airport, chemical, automotive and pharmaceutical sectors. [12] The Secretary of State at the Philippine Trade Bureau, Ceferino S. Rodolfo, said at the meeting: “A more targeted approach such as a ZEP is more practical. The Philippines is working with India to improve not only the current level of trade in value and volume, but also the range of products to be covered, as current trade is highly concentrated on a small number of products.┬áThe ASEAN-India Free Trade Agreement, signed by India in 2009, also includes the Philippines as signatories. The Philippines supported India`s bid to become a non-permanent member of the UN Security Council for the 2011-12 legislature, and regular consultations were held between the two countries` delegations to the United Nations and other multilateral for a. Several officials from the Philippine External Action Service have taken the ASEAN diplomatic course at the Foreign Service Institute in India. Indian navy and coast guard vessels regularly travel to the Philippines and consult with their colleagues.

INS Satpura and INS Kadmatt visited Manila from 3 to 6 October 2017, the Indian coastguard vessel ICGS Samarth visited Manila from 7 to 10 January 2017, INS Sahyadri and INS Shakti visited Manila for a goodwill visit to Subic Bay from 30 May – 2 June 2016; INS Sahyadri visited Manila from 1 to 4 November 2015; August 20-23, 2014; ICGS Samudra Paheredar visited Manila from 19 to 22 September 2014; A flotilla of four Indian ships from the eastern fleet, namely INS Shakti, INS Satpura, INS Ranjit and INS Kirch, visited Manila during a goodwill visit from 12 to 16 June 2013.