Accelerating Indo-Philippine Trade: Nickel Sector in Focus

The Philippines and India are urged to expedite negotiations for a preferential trade agreement. Filipino Foreign Affairs Secretary Enrique Manalo highlights the strategic importance of India's involvement in the Philippine nickel sector, aiming to diversify exports and develop a value chain while decreasing dependency on China.

In a bid to strengthen economic ties, Filipino Foreign Affairs Secretary Enrique Manalo has called upon India and the Philippines to expedite talks on a preferential trade agreement. Addressing Indian business leaders, he stressed the vital role of the Philippines' booming nickel industry, particularly with Indian collaboration.

Currently, nearly all Philippine nickel exports are directed to China, presenting a strategic opportunity for diversification. With India importing significant amounts of raw nickel from nations like Russia and Norway, Manalo underscored the potential benefits of integrating India's market into the Philippines' value chain.

Manalo remarked on the untapped potential of India's market, valued at approximately USD 577 million for Philippine exports. He also pointed to opportunities in various sectors, including automotive, battery technology, and pharmaceuticals, urging both nations to transition from preliminary discussions to formal trade negotiations.

(With inputs from agencies.)