New Delhi, India and the Philippines want to speed up talks for a special trade agreement, said Filipino Foreign Affairs Secretary Enrique Manalo on Monday. Speaking to Indian business leaders at FICCI, he stressed the importance of working together in the Philippines’ nickel sector.
Manalo pointed out that the Philippines is the world’s top nickel ore exporter, earning around USD 1.95 billion from exports. Nickel is mainly used to make lithium-ion batteries. Currently, almost all of the Philippines’ nickel exports go to China, and only a tiny portion goes to Japan.
Manalo expressed interest in having India become a player in the Philippines’ nickel market. He mentioned that India imports about USD 707 million in raw nickel from countries like Russia, Norway, and Japan, which opens up a chance for better supply chains.
“We have a natural fit between our economies that we haven’t fully used yet,” said Manalo. He highlighted that they need to move quickly on discussions for a bilateral trade agreement that has been in talks for two years. Manalo believes this agreement is important for diversifying trade and building stronger ties between the two countries.
He sees great potential for India as a market for Philippine products, with an estimated USD 577 million in untapped exports. “We want to move from planning to actual negotiations for this trade agreement to help our economies grow,” he said. Manalo is excited to collaborate more with Indian businesses in areas like cars, batteries, tech, health, and agriculture.
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