The India-Asean Free Trade Agreement (FTA) is under-utilised, as it has more potential for increasing bilateral trade, according to Mr Vichael Angelo, Commercial Attache, the Philippines Department of Trade & Industry.
The Philippines is exploring possibilities to create new linkages for ramping up trade with India, he said at an interactive meeting on Indo-Philippine bilateral trade organised by the Federation of AP Chamber of Commerce & Industry here on Wednesday.
Trade between India and the Philippines has crossed $1.3 billion, with a growth rate of about 23 per cent.
India's exports to the Philippines were at $882 million registering a growth rate of 17.89 per cent, while imports were in the region of $429 million with a growth rate of 37.15 per cent.
“We import a lot of buffalo meat, tea and pharma products from India, exporting coconut oil, electronics and other products. There are significant opportunities in sectors such as mining, energy, steel textiles, dairy, agro-products, space- and defence-related industries,” Mr Angelo said.