India, Philippines agree to deepen investment, trade ties
New Delhi, June 6: India and the Philippines have agreed to deepen investment and trade ties and identified a number of sectors, including energy, construction, pharmaceuticals and Information and Communication Technology.
The status of the relations and the way forward was discussed at the 14th meeting of the India-Philippines Joint Working Group on Trade and Investment (JWGTI), co-chaired by senior officials from the two countries.
It was noted that bilateral trade has reached USD 3.9 billion as of 2025-26.
At the meeting, the two sides reviewed trends in trade and investment and identified priority products, services and promotional activities, according to an official statement.
Officials discussed expanding cooperation in sectors including film, energy, construction and infrastructure, information and communications technology, IT-enabled services, artificial intelligence and pharmaceuticals, areas both sides said could support long-term growth and development goals, it said.
Improving the business environment was another focus, with talks covering customs cooperation, agricultural market access, and measures to ease trade settlement using national currencies.
Free Trade Agreement
The two sides also exchanged views on the early conclusion of the review of the ASEAN-India Trade in Goods Agreement and subsequent engagement on a bilateral India-Philippines preferential trade agreement, the statement said.
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On the sidelines of the meeting, Indian companies operating in the Philippines met officials to discuss market opportunities and ways to strengthen commercial engagement.
The next JWGTI meeting will be held in New Delhi, with both governments reaffirming their commitment to building a more dynamic and mutually beneficial economic partnership.
