Philippines to Boost Trade With India

The Philippines and India are now working to improve trade relations despite the coronavirus disease 2019 (COVID-19) pandemic.

Electronics and textile are two of many industries in both countries that will be highlighted in the trade boost. Agriculture and energy will also play a vital part to enhance the trade system of both countries.

In the midst of the COVID-19 pandemic, India will also expand their exploration and studies on the pharmaceutical aspect as they are considered as the “world’s pharmacy.” Vaccines, medicines and other essential pharmaceutical products will be the focus of India.

India’s Joint Secretary of the Ministry of Commerce, Anant Swarup, believes that the partnership can reach its “full potential” considering that they were the Philippines’ top 14 trading partner in 2019. They also topped 17th in the export market and 13th in import supplier.

The total trade reached $2.4 billion.

P915.64 million was also the total investments approved for India making them the 8th largest source of investment. (MLC)