Nayanima Basu, The Print |
India is making rapid inroads in the Philippines by establishing long-term trade and economic ties even as it plans to have a preferential trade agreement (PTA) with the country. This agreement is expected to deepen bilateral ties between both countries thereby boosting the strategic Indo-Pacific construct. The Philippines, which is the third-largest economy in terms of GDP in the 10-member Association of Southeast Asian Nations (ASEAN), will be the first such country with which the Narendra Modi government is planning a trade pact. The PTA will seek to enhance market access and open up opportunities for greater trade in goods and services.
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