Indian Ministry of Commerce sees PH as good market

PTVPhilippines

Indian Ministry of Commerce sees PH as good market  For more news, visit:  ►https://www.ptvnews.ph/  Subscribe to our DailyMotion Channel: ►http://www.dailymotion.com/peoples-television-incorporated  Subscribe to our YouTube channel: ►http://www.youtube.com/ptvphilippines  Like our Facebook pages: ►PTV: http://facebook.com/PTVph  ►Rise and Shine Pilipinas: https://www.facebook.com/riseandshinepilipinas  Follow us on Twitter:  ►http://twitter.com/PTVph  Follow us on Instagram: ►https://www.instagram.com/ptvph  Watch our livestream on:  ►http://ptvnews.ph/livestream/ ►https://www.dailymotion.com/PTVPhilippines  Watch our News Programs, every Mondays to Fridays  Rise and Shine Pilipinas - 6:00 - 7:00 am | 7:30 - 8:00 am Balitang Pambansa - 7:00 - 7:30 am | 12:00 - 12:30 pm | 6:00 - 6:30pm | 9:30 - 10:00 pm PTV Sports - 8:00 - 9:00 am Bagong Pilipinas Ngayon - 12:30 - 1:00 pm Sentro Balita - 1:00 pm - 2:00 pm Ulat Bayan - 6:30 pm - 7:00 pm PTV News Tonight -  10:00 pm - 10:30 pm  Saturday & Sunday: ►Sentro Balita Weekend - 1:30 - 2:00 pm ►Ulat Bayan Weekend - 6:15 pm - 7:00 pm

Transcript

00:00To the world's most populous nation, the Philippines is not only a worthy competitor in the international helpdesk or IT sector or BPO industry,

00:08it is also a good market for his country's retail products and services.

00:12In 2022 alone, pharmaceutical products from India to here reached over a quarter of a billion in revenues and some 2.23 billion in total export receipts.

00:22Our Noel Talacay threshes out more details.

00:26Philippines is a good market. This is how the Indian Ministry of Commerce look at the Philippines.

00:33In a meeting with the ASEAN journalists during the Indian Media Exchange visit 2024, the India Secretary of Commerce,

00:41his country has a strong bilateral trade agreement with ASEAN countries to include the Philippines.

00:55According to the Observatory of Economic Complex, an online platform that offers economic activities of different countries,

01:13in 2022, India exported a total of $267 million in pharmaceutical products, which turned out to be the top product imported by the Philippines from India.

01:27In five years, India's exports to the Philippines have grown 3.4%.

01:34From India's point of view, if you look at India can be a good supplier to you for the pharmaceutical products,

01:44because we are one of the biggest generic drug producers in the world.

01:49And the larger import from India of pharmaceutical contributions can help you reduce your healthcare costs also,

01:57because the generic drugs will be much cheaper than the branded or the patented drugs.

02:06So I think that is one opportunity that can be developed more by the Philippines.

02:10We feel even the buffalo meat, we can supply a lot of buffalo meat also to the Philippines,

02:15but our market access is not similar to what other countries like Australia get in the Philippines.

02:22Agrawal is also hoping the bilateral trade between India and the Philippines will soon ramp up

02:29once the discussion of the ASEAN-India Trade in Goods Agreement or ITAGA is finished.

02:36The primary objective of ITAGA is to strengthen economic cooperation, increase trade flows,

02:43and create greater opportunities for businesses and consumers between India and ASEAN countries, including the Philippines.

02:52Since ITAGA itself is under review, the Philippines is also part of ASEAN-India Trade in Goods Agreement.

03:00We hope that if ITAGA review, which is expected to be completed in 2025, is completed in its time to secure,

03:08then it will also enable us to improve the trade between all ASEAN countries, including the Philippines.

03:15He says India is also a good source of gadgets and digital machines made from new technologies and artificial intelligence or AI.

03:26The Indian government is looking forward to a bilateral meeting with the Philippine government happening in the first quarter of 2025.

03:36It will help to strengthen the bilateral trade and economic cooperation of both countries.

03:43Reporting from India, Nual Talakay from the National TV Network, for New and Better Philippines.

Category

Transcript

Recommended