Authorities are committed to starting discussions on the proposed preferential trade agreement (PTA) between the Philippines and India by next year to maximize economic opportunities and help bolster growth.

In a media interview on the sidelines of the ASEAN-India Business Forum at a hotel in Makati City on Wednesday, Indian Ambassador to the Philippines Harsh Kumar Jain said trade between India and the Philippines accounts for about 3 percent of India’s trade with the 11-member Association of Southeast Asian Nations (ASEAN).

He estimated India’s trade with ASEAN at USD128 billion, and its trade with the Philippines at USD3.9 billion.

“But the Philippines is a big economy, which is 11.6 percent of the ASEAN GDP (gross domestic product). So, if we compare India’s bilateral trade with the Philippines, it is actually just 3 percent of our trade with ASEAN, which is small. That also means that there is a potential for a straight relationship, and that is why we are looking at having a preferential trade agreement between India and the Philippines,” he added.

Jain said they have “already agreed on the terms of reference for the negotiating committee,” but noted they still need to wait for the completion of the ASEAN-India Trade in Goods Agreement (AITIGA) next year.

Trade Undersecretary Allan Gepty, who is among the speakers in one of the panels during the event, said discussions are targeted to start next year.

“Our target is that we start the negotiations next year. And, of course, we’re trying to rush it out so that we can conclude the same as soon as possible. And that’s our goalpost,” he said. (PNA)