$.5B export untapped in Indian market — DTI

$.5B export untapped in Indian market — DTI | Daily Tribune

The Department of Trade and Industry recently revealed that the Philippines is not utilizing its opportunities to export products to India, amounting to more than $500 million or P27.5 billion.

During the recent Information Session on Market Opportunities in India last month, discussing Philippines-India trade relations and the region’s economic potential, Department of Trade and Industry’s Export Marketing Bureau assistant director Jhino Ilano stressed that the Philippines has at least $ 566.92 million worth of unrealized export potential in India.

He said these exports could come from electronics, Halal-based products, personal care and beauty products, coconut products, and other organic products such as dairy and eggs.

ASEAN - India Free Trade accord

This, despite the current ASEAN-India Free Trade Agreement entered into force in 2010 which was designed to open up both the ASEAN and India markets by progressively reducing duties on goods.

In mid-2023, the Philippine and Indian governments also agreed to begin negotiations on a bilateral preferential trade agreement that would further eliminate tariffs.

With this, the World Trade Centers Association highlighted the significant opportunities for trade between Indian and ASEAN companies, as the dynamic growth of India’s industrial sectors coupled with platforms such as the AIFTA have created untapped potential for increased investments between the two regions.

Vineet Verma, managing director of the World Trade Center businesses in Bengaluru, Chennai, and Kochi which are all located in India, explained that the “free trade agreements such as the AIFTA have cemented the relationships between countries and reduced barriers to doing business, thereby improving the lives of people in transacting countries.”

He cited the agricultural and food processing sector, and industries such as biotech, manufacturing, tech, automotive, and aerospace among others, as opportunity areas that ASEAN investors may benefit from.

WTCA Global Business Forum

For her part, Pamela Pascual, chairman and CEO of WTCMM and Board Member of the WTCA, who was also present at the DTI-EMB session, highlighted the importance of the upcoming 54th annual WTCA Global Business Forum to be held this coming 3 to 6 March 2024 in Bengaluru, India, in terms of facilitating trade and bringing businesses from various regions together.

The GBF is the Association’s premier annual event, gathering representatives from Member World Trade Center businesses and leaders in corporate, government, and international organizations.

“WTC Metro Manila is working together with the Trade and Industry Department to encourage our exporters and manufacturers to join the Philippine Delegation to Bengaluru. India is a recognized market for bilateral trade, and we are excited to talk about the WTCA Global Business Forum happening in Bengaluru in March 2024. The world will be at the GBF in Bengaluru, and now is the perfect opportunity for companies to join and be exposed to the global market by just going to one place,” said Pascual.