Indian Economy News

India-Philippines Bilateral Trade Reaches US$ 3.9 Billion in FY26, Both Sides Explore New Areas of Cooperation

India and the Philippines are exploring new avenues to strengthen economic cooperation as bilateral trade reached Rs. 34,466 crore (US$ 3.9 billion) in FY26, reflecting the steady expansion of commercial ties between the two countries. The development was highlighted during the 14th meeting of the India-Philippines Joint Working Group on Trade and Investment (JWGTI) held in Manila. Discussions focused on trends in bilateral trade and investment, identification of priority products and services, and measures to further enhance economic engagement. Both sides acknowledged the robust growth in trade and reviewed opportunities for collaboration across a range of sectors, including film, energy, construction and infrastructure, Information and Communication Technology (ICT), Information Technology-Business Process Management (IT-BPM), Artificial Intelligence (AI) and pharmaceuticals. The meeting underscored the growing breadth of economic relations and the shared commitment to unlocking new opportunities for businesses and investors in both countries.

The two countries also discussed initiatives aimed at improving the business environment and facilitating trade through enhanced customs cooperation, agricultural collaboration and greater market access for specific products. Discussions covered the possibility of trade settlement in national currencies as well as the early conclusion of the ASEAN-India Trade in Goods Agreement (AITIGA) Review, followed by engagement on a potential India-Philippines Preferential Trade Agreement (PTA). An interaction with Indian businesses operating in the Philippines provided a platform to discuss investment prospects, market opportunities and ways to deepen commercial partnerships. Both sides agreed that stronger cooperation across emerging sectors could deliver long-term economic benefits while supporting their respective development priorities. The meeting reaffirmed the strategic importance of India-Philippines economic relations and highlighted the commitment of both countries to building a more dynamic, resilient and mutually beneficial partnership. The next meeting of the Joint Working Group on Trade and Investment is scheduled to be held in New Delhi.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.