India and Philippines have agreed to work on preferential trade agreement or PTA, which will reduce and eliminate tariffs on many products both sides will be negotiating on.
This was in fact, one of the key outcomes of the 13th Meeting of the India Philippines Joint Working Group on Trade and Investments (JWGTI). Sectors like–pharmaceuticals, IT, and Financial Technology could be the focus areas of the PTA.
Undersecretary at the Philippines trade office, Ceferino S. Rodolfo at the meet said “a more focused approach like a PTA is more practical. The Philippines is eager to conclude one with India not only to improve current trade levels in terms of value and volume but also in the breadth of products to be covered as current trade is highly concentrated on a few products.”
Joint Secretary Anant Swarup in India’s commerce ministry, concurring with him said, “India recognizes the benefits of negotiating a PTA with the Philippines” and called for both countries to “consult authorities and secure the mandate for the PTA negotiations.”
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