Philippines Eyes India for Nickel Trade Amid Talks on Preferential Trade Deal

Philippines' Foreign Secretary Enrique Manalo emphasized stronger trade ties with India, highlighting a potential Preferential Trade Agreement (PTA). The focus is on diversifying trade relations, especially in nickel exports, pharmaceuticals, and automotive sectors. The Philippines seeks to tap into India's market potential while promoting easier visa processes for business collaborations.

The Philippines is exploring a Preferential Trade Agreement (PTA) with India, as announced by Foreign Affairs Secretary Enrique Manalo. Speaking in New Delhi, Manalo highlighted opportunities for deepening bilateral engagements in sectors like automotive, pharmaceuticals, and agriculture.

During talks with the Federation of Indian Chambers of Commerce and Industry (FICCI), the Philippines extended an invitation to India to source nickel for battery production. This move aims to reduce the Philippines' current 98% export reliance on China. As the second-largest nickel producer globally in 2023, the Philippines sees strategic value in Indian collaboration.

Manalo underlined the economic synergy, noting India's untapped potential in the nickel sector, currently dominated by exports to China and Japan. He advocated for expedited PTA negotiations to enhance Indo-Pacific commercial ties and cited substantial untapped export potential for Philippine goods in India.

(With inputs from agencies.)