India-Philippines sign 9 agreements to promote trade ties

India-Philippines sign 9 agreements to promote trade ties

New Delhi: Trade and economic ties have got a boost with Philippines President, Gloria Macapagal Arroyo confirming the signing of nine agreements.

Indian pharmaceutical industry will set up its manufacturing base in Philippines to help it make a low cost healthcare country.

Addressing Indian industry at a Joint meeting organized by Assocham, CII and Ficci she outlined areas of mutual cooperation in defence security, health and medicine, energy, agriculture, tourism and construction.

According to Vikas Jalan, Chairman, India Philippines JBC of Ficci, Philippines has been India’s third largest trade partner in the Asean region and since its economy is market oriented and India has liberalized, the two nations can contribute to each other’s economic growth and development.

Key areas of collaboration

* Govt. of India through its Exim Bank would extend a $50 million credit line to Philippines to support its trade and industry particularly in the area of health and medicine

* A joint monitoring group will watch implementation aspects

* Bilateral trade balance has been in favour of India and whenever a comprehensive agreement was signed, India had to take care of Philippines’ trade concerns in view of its size and GDP growth which is much lower as compared to India

* Manufacturing units in medicine could be opened up so that Philippines could provide low cost medicine and promote third country pharmaceutical export

* Opportunities exist in film/ ad film making and the BPO sector