Philippines, India agree to initiate talks on preferential trade pact

At the fifth India-Philippines Joint Commission on Bilateral Cooperation in New Delhi, Philippine foreign affairs secretary Enrique A Manalo and Indian external affairs minister S Jaishankar expressed satisfaction over the growing pace of bilateral trade, which had for the first time crossed $3 billion in fiscal 2022-23.

The two sides underlined the need for implementing a United Nations (UN) arbitration court’s 2016 South China Sea verdict and agreed to work together at the UN to attain concrete outcomes on UN Security Council reforms.

The UN's Permanent Court of Arbitration, adjudicating the Philippines' case against China's territorial claims in the South China Sea, ruled in favour of the former. However, China rejected the verdict.

A joint statement issued said both the countries emphasised the need for expanded connectivity and ease of travel to enable the growth of tourism, trade and investment and people-to-people exchange between both sides.

Both the leaders encouraged early talks for a bilateral mutual legal assistance treaty on criminal matters and a treaty on transfer of sentenced persons, it said.

"Our agenda today covered defence, maritime security, counter-terrorism and transnational crimes. As also our growing economic ties, including in trade & investments; development cooperation; health & pharma; tourism; air services; agriculture; fintech; S&T and space cooperation," Jaishankar tweeted, describing the talks as ‘productive and comprehensive’.

Fibre2Fashion News Desk (DS)