Philippines and India Press Ahead with Formal Trade Talks, Marcos Announces

Philippine President Ferdinand Romualdez Marcos Jr. stated on Wednesday that the country and India are moving forward with formal negotiations for a preferential trade agreement. President Marcos emphasized that the Philippines and India view the PTA as a strategic platform to leverage their shared strengths and advance their economic partnership while speaking at the FICCI-organized "India-Philippines CEO Roundtable Meeting."

"We are working to find common ground to make the PTA come as quickly as possible. We have found ways to quicken the process with strong support from both government and business chambers, we are taking concrete steps towards launching formal negotiations," he said, according to a release issued by FICCI.

Marcos added that by making it easier to do business in the Philippines, the government has implemented a number of initiatives to draw in more Indian investments. He added,

"These reforms show our commitment to create a truly enabling environment for investors, including our valued partners in India. We are encouraged by the growing momentum in our bilateral trade, which reached USD 3.3 billion in 2024-2025 and there is a scope to achieve exponential growth."

He added that the Philippine Department of Trade and Industry will soon hold a meeting of the Joint Working Group on Trade and Investment in collaboration with its Indian counterparts. Marcos noted,

"We are not only going to have meetings of joint working group on trade and investment, but we will also granulate down to industry-specific working groups."

The Philippines and India are celebrating 75 years of steadfast friendship and diplomatic ties, and Piyush Goyal, Minister of Commerce & Industry, stated that there is a great deal of promise for the future. He stated that bilateral trade is currently very low and that our goals should be very high if we start from a low base.

"This is one partnership where we should only aim for exponential growth and not be satisfied with incremental growth at all. Let us work together and collaborate in areas like healthcare, pharmaceuticals, information technology, science, innovation and agriculture."

Goyal added that the terms of reference for the preferential trade agreement between the two countries have been finalized.

This emerging partnership between India and the Philippines is more than just trade; it is a potent statement of trust, vision, and a shared future as they move forward together. This moment offers hope that two diverse democracies can unite not only to strengthen economies but also to preserve regional peace and cooperation in a world increasingly shaped by shifting alliances and emerging power dynamics. Although the path ahead may require tactful diplomacy, the groundwork being done now may pave the way for a more secure, prosperous, and inclusive future for both countries.

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