Philippines AITIGA Trade Review India Expedited
India and Philippines Forge Stronger Ties wiht focus on Trade, Tourism, and Agricultural Collaboration
New Delhi/Manila – India and the philippines have reaffirmed their commitment to deepening economic and strategic ties, following a significant meeting between Prime Minister Narendra Modi and Philippines President Ferdinand Marcos Jr. The discussions centered on bolstering trade, enhancing tourism, and expanding collaboration in key sectors like pharmaceuticals and agriculture.
A Joint Declaration establishing a ”Strategic Partnership” formalized the shared objective of strengthening economic relations. Both nations outlined plans to streamline business exchanges, simplify customs procedures through the Joint Customs Cooperation Committee, and increase cooperation in pharmaceuticals, conventional medicine, and healthcare systems.
Boosting Trade and Investment
India is already a key economic partner for the Philippines, especially in the pharmaceutical sector. According to sources, India is “a top exporter of pharmaceutical products to the Philippines.” Beyond pharmaceuticals, both sides highlighted renewable energy, critical minerals, electric mobility, digital technologies, artificial intelligence, biotechnology, and infrastructure as areas ripe for increased engagement.
To facilitate growth, leaders called for regular engagements at the ministerial and senior official levels to address market access challenges, attract investment, and foster stronger business linkages.
Agricultural Advancements: A Breakthrough in Rice Research
Collaboration in agriculture,particularly rice research,received significant attention. The South Asia Regional Center of the International Rice Research Institute (IRRI) in Varanasi has developed an ultra-low glycaemic rice variety, a potential game-changer for public health. The first batch of this innovative rice was presented to President Marcos in Manila in October 2023, demonstrating the tangible results of ongoing cooperation since Prime Minister Modi’s visit in 2017.
“The leaders welcomed progress in cooperation in the agriculture research, particularly rice research,” a statement confirmed.
Tourism Set to Soar with Visa Liberalization and Direct Flights
A major boost to people-to-people connections is expected with the introduction of reciprocal visa-free travel schemes. President Marcos announced visa-free entry privileges for Indian tourists,a move promptly reciprocated by Prime Minister Modi with a similar scheme for Filipino tourists. Furthermore, both leaders welcomed the upcoming launch of direct flights between New Delhi and Manila, scheduled to commence on October 1st, 2024.
“I reiterated our introduction of visa-free entry privileges and extended our invitation for more Indian tourists to visit the Philippines,” President Marcos stated.Prime Minister Modi added, ”India has also decided to allow free e-visas for the philippines’ tourists. This year,work will be done regarding direct flights between India and Manila.”
The resumption of direct air connectivity is anticipated to considerably enhance trade, tourism, and overall bilateral relations.