India, Philippines Forge Strategic Partnership: Trade Deal on Fast Track
India and the Philippines elevated their bilateral relationship to a Strategic Partnership on Tuesday. Prime Minister Narendra Modi and President Ferdinand R. Marcos Jr. met and agreed to expedite negotiations for a Preferential Trade Agreement (PTA).
This significant move aims to boost trade and economic cooperation between the two nations. The leaders emphasized the importance of strengthening ties in various sectors.
The PTA, once finalized, is expected to significantly enhance bilateral trade flows. Both sides expressed confidence in concluding negotiations swiftly.
This strategic partnership holds immense potential for both countries. Increased trade will not only benefit businesses but also contribute to regional economic growth and stability, particularly amidst global uncertainties. The development underscores India’s growing influence in the Indo-Pacific region.
