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
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
