Bilateral trade between the Philippines and India is projected to grow to about $10 billion in the next five or six years once trade agreements with the Philippines and the Association of Southeast Asian Nations (ASEAN) take effect, according to a report by BusinessWorld.
Harsh Kumar Jain, ambassador to the Philippines, said the boost in trade will be driven by ongoing negotiations for a free trade agreement between India and ASEAN as well as a separate bilateral trade deal. He noted that current bilateral trade stands at around $3 billion.
The projected $10-billion target reflects growing economic ties between the two countries, with key sectors including agriculture, technology, and manufacturing expected to benefit from reduced tariffs and improved market access.