India, Philippines Start Talks for Bilateral Trade Pact

India and the Philippines on Tuesday exchanged the terms of reference of a Preferential Trade Agreement (PTA) that will build on the liberal terms already offered by Asean-India Trade in Goods Agreement (AITIGA) for bilateral trade.

- MUKESH JAGOTA

The Philippines, as a member of the Association of Southeast Asian Nations (Asean), is already covered by AITIGA, which has been functional since 2010.

Through PTA, both sides will be able to fine-tune the concessions suited for enhancing bilateral trade.

"In our trade discussions we are looking for more market access for our agricultural products – potatoes and grapes are a priority. There are expectations to try and open up services also. India is offering oil and gas consultancy," secretary east in the ministry of external affairs (MEA) P Kumaran said in a briefing on the state visit of the President of Philippines Ferdinand R Marcos Jr to India.