Philippines-India CEO Roundtable held to boost bilateral trade, investments

New Delhi [India], August 6 (ANI): A Philippines-India CEO Roundtable was held on Wednesday here in the national capital, where businesses from both sides participated to discuss bilateral trade.

Commerce Minister Piyush Goyal and MoS External Affairs Pabitra Margherita also participated in the roundtable. Philippines President Ferdinand R. Marcos, on a five-day state visit to India, was also part of the meeting.

"Discussions focused on promoting bilateral trade, boosting investments, and enhancing the Ease of Doing Business. We also emphasised on key sectors of collaboration, including health, pharma, IT, science & innovation, education, and agriculture," Piyush Goyal wrote on X after the roundtable.

India and the Philippines on Tuesday decided to elevate their ties to a Strategic Partnership with Prime Minister Narendra Modi and President Ferdinand R. Marcos Jr agreeing for expeditious conclusion of the negotiations of the Preferential Trade Agreement (PTA) between India and the Philippines for further promotion of mutual trade.

The two countries agreed to enhance defence cooperation, with President Marcos thanking PM Modi for cooperation in the area of defence industry and export of platforms, including the BrahMos.

The Diplomatic Relationship between the two countries was established in November 1949. Both countries are now celebrating the 75th anniversary of the establishment of Diplomatic relations.

Economic and commercial engagement is an important aspect of the India-Philippines bilateral relationship. Bilateral trade between India and the Philippines reached 3.5 billion USD in 2023-24. There is a notable presence of Indian companies in the Philippines, in the areas of IT and ITES, health-care and pharmaceuticals, textiles, infrastructure, FMCG, chemicals, automobiles, agriculture, among others.

India is the largest exporter of pharmaceuticals to the Philippines. Pharma exports from India to the Philippines have grown from 290 million USD in 2020- 21 to USD 460 million in 2024-25.

For greater mobility between, both countries have eased visa norms.

Prime Minister Narendra Modi on Tuesday announced that India will be offering free e-visas to Filipino tourists, in a reciprocal move following the Philippines' decision to grant visa-free entry to Indian nationals.

The Philippines has made visa-free entry possible for Indian tourists for up to 14 days.

The Ministry of External Affairs later announced direct flights from Delhi to Manila, expected to commence operations from October 1 this year, in a significant step towards enhancing regional connectivity between India and the Philippines. (ANI)

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