India and Philippines Urged to Accelerate Trade Agreement Negotiations
Filipino Secretary for Foreign Affairs Enrique Manalo urges India and the Philippines to expedite negotiations for a preferential trade agreement. He emphasizes the importance of India’s role in the Philippine nickel sector and highlights opportunities for trade diversification. The proposed agreement could enhance commercial ties and activate an untapped export potential for the Philippines in the Indian market.
Enrique Manalo, Secretary for Foreign Affairs of the Philippines, has advocated for the acceleration of negotiations regarding a preferential trade agreement between India and the Philippines. Speaking to Indian business leaders at the FICCI in New Delhi, he highlighted the strategic significance of enhancing the Philippines’ nickel sector through Indian involvement.
Manalo pointed out that the Philippines is a leading global exporter of nickel ore, with its exports valued at around USD 1.95 billion, predominantly utilized in lithium-ion battery manufacturing. Currently, nearly all nickel exports (98%) are directed to China, with Japan receiving the remaining 2%.
The Secretary expressed a desire for India to engage in the Filipino nickel sector to facilitate export diversification and support value chain development. He noted that India currently imports approximately USD 707 million worth of raw nickel from countries like Russia, Norway, and Japan, indicating a potential opportunity for supply chain realignment.
Manalo emphasized that there exists a natural complementarity between the economies of India and the Philippines that has not yet been fully utilized. He urged the need for expedited negotiations on the proposed bilateral preferential trade agreement, which has been under consideration for two years, asserting its critical role in fostering commercial relations between the two nations.
He identified India as an important and largely untapped market for Philippine exports, estimating an export potential of around USD 577 million. He expressed eagerness to move beyond preliminary discussions to active negotiations, which could significantly stimulate economic growth. Furthermore, he expressed interest in deepening collaborations with Indian businesses across various sectors, including automotive, batteries, information technology, pharmaceuticals, healthcare, and agriculture.
In summary, Francis Manalo’s address underscores the urgent need for India and the Philippines to enhance their trade relations through a preferential trade agreement. He highlights the Philippines’ significant nickel resources and India’s potential as a market, emphasizing a mutual economic benefit yet to be fully exploited. Accelerating these negotiations could lead to substantial growth in trade and investment between both countries.
Original Source: www.hindustantimes.com
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