The Philippines’ Secretary for Foreign Affairs, Enrique Manalo, has said that a bilateral Preferential Trade Agreement (PTA) with India is under discussion as both countries aim to deepen engagement in sectors such as automotives, batteries, value-added IT & IT-enabled services, pharmaceuticals, health, and agriculture.Stating that the Philippines is the world’s largest exporter of nickel ore, with exports worth $1.95 billion primarily used in lithium-ion battery production, Manalo said that currently, 98% of the country’s nickel exports go to China, while the remaining 2% go to Japan.
He invited India to become an active player in the Philippines’ nickel sector for export diversification, as well as for processing and the development of a value chain.
With India importing raw nickel worth $707 million from Russia, Norway, and Japan, Manalo suggested that an opportunity for supply chain realignment would help both economies develop their potential to harness their complementarity.Emphasising the need to accelerate negotiations on a bilateral Preferential Trade Agreement (PTA), which has been under preliminary discussion for nearly two years, he invited Indian commercial vehicle companies to actively participate in a major vehicle modernisation programme in the Philippines.Manalo highlighted an untapped export potential of $577 million from the Philippines to India, with the latter currently enjoying a favourable balance of trade. India-Philippines bilateral trade grew by 8.6% year-on-year to reach $3.5 billion in 2024. India primarily exports pharmaceuticals, automotive components, and agricultural products to the Philippines, while the Southeast Asian nation exports electronic goods, machinery, and select agricultural commodities to India.ALSO READ: India, Armenia looking at boosting cooperation in trade, connectivity and cultureFirst Published: Mar 17, 2025 9:31 PM IST
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