MANILA - The Trade Department said Wednesday the Philippines and India were working to pursue "concrete" initiatives to enhance trade and investment between the two countries.
The countries have agreed to further "foster synergies" in textiles, electronics, IT-BPM, energy and agriculture which were discussed during the recently concluded virtual 13th Meeting of the Joint Working Group on Trade and Investments (JWGTI) last Sept. 17, the DTI said in a statement.
India, known as the pharmacy of the world was "encouraged" to explore opportunities in the manufacture of active pharma ingredients, vaccines and other essential medicines and in the establishment of R&D facilities for herbal medicine, the statement said.
With a "negligible" share in total trade, there is "full potential of the relations" to be reached, said Anant Swarup India's Joint Secretary of the Ministry of Commerce.
India was the Philippines' 14th top trading partner in 2019, 17th export market and 13th import supplier with a total trade of $2.4 billion, the DTI said.
India was also the 8th largest source of approved investments at P915.64 million last year, the agency said.