The Hindu, India
‘India-Asean FTA has more potential for bilateral trade’
Our Bureau
7 June 2012
Hyderabad/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.
Indo-Asean FTA would result in more beneficial if the following issues are being addressed properly given the future world asymmetry. To gain stability as well as equity in Indo-Asean FTA, following potential issues like, intellectual property rights (IPR), trade and environment, trade and social standards, competition policy, trade facilitation, and government procurement among others need greater attention.
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