MANILA, Philippines – The Association of Southeast Asian Nations (ASEAN) needs to ratify the comprehensive free trade agreement (FTA) that the member countries signed with India to implement the deals expected to remove tariffs on close to 98 per cent of products being traded with the dialogue partners.
This was according to Indian Ambassador to the Philippines Shri Yogendra Kumar who pointed out that the Philippines, in particular, can benefit from the FTA with India by having wider access in its cheaper medicines.
“Pharmaceutical products and Indian drugs are quite inexpensive. We are sure that this area (of the FTA) has a public service aspect,” Kumar said in an interview with reporters at the sidelines of the Indian national day celebration held recently at the Intercon Hotel in Makati.
Meantime, he said India and the Philippines are currently negotiating for the “easy importation” of cheaper medicines from India while the ratification process is ongoing.
In addition, the Indian envoy pointed out that the free trade deal focuses on increasing trade in services which is the strength of the Philippine industry.
“The services industry is doing well in the Philippines and you can imagine how this sector will grow and expand (under the FTA between India and ASEAN),” Kumar said.
Philippine firms engaged in semiconductors will also benefit from the free trade deal with India owing to the increasing demands of Indian companies to expand to the global market, Kumar said.
Furthermore, the Philippines can import more buffalo meat from India and other processed food products used in hamburger and food chains in the country.
These free trade agreements that the ASEAN signed with India, as well as with other dialogue partners such as China, South Korea, Australia and New Zealand, took effect on January 1, 2011.
ASEAN and India currently enjoy a 25 per cent increase in two way trade in the last five years.
Kumar said the trade deal is expected to further improve trade and investments between the two parties by removing tariffs on 94 per cent of products. –ROY MABASA, Manila Bulletin
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