The World Trade Centers Association (WTCA) has highlighted opportunities for trade between India and ASEAN companies, as the growth of India’s industrial sectors and platforms like the ASEAN-India Free Trade Agreement (AIFTA) have created the potential for increased investments between the regions.
The AIFTA entered into force in 2010 and was designed to open up both the ASEAN and India markets by a phased reduction of duties on goods. In mid-2023, the Philippine and Indian governments also agreed to begin negotiations on a bilateral preferential trade agreement (PTA) that would further eliminate tariffs.
Vineet Verma, managing director of the World Trade Center businesses in Bengaluru, Chennai and Kochi, explained that “free trade agreements such as the AIFTA have cemented the relationships between countries and reduced barriers to doing business, thereby improving the lives of people in transacting countries.”
He cited the agricultural and food processing sector, and industries such as biotech, manufacturing, tech, automotive, and aerospace among others, as opportunity areas that ASEAN investors may benefit from.
ASEAN-member countries such as the Philippines have already looked to tap into India’s potential, particularly for exports. The Philippine Department of Trade and Industry’s Export Marketing Bureau (DTI-EMB), together with World Trade Center Metro Manila (WTCMM), conducted an Information Session on Market Opportunities in India on January 24, 2024, to discuss Philippines-India trade relations and the region’s economic potential.
DTI-EMB assistant director Jhino B. Ilano said the Philippines has at least USD566.92 million worth of unrealized export potential in India, adding that these exports could come from electronics, Halal-based products, personal care and beauty products, coconut products, and other organic products such as dairy products and eggs.
Pamela D. Pascual, chairman and CEO of WTCMM and board member of the WTCA, who was also present at the DTI-EMB session, highlighted the importance of the upcoming 54th annual WTCA Global Business Forum (GBF) from March 3 to 6, 2024 in Bengaluru, India, in terms of facilitating trade and bringing businesses from various regions together.
The GBF is the association’s premier annual event, gathering representatives from WTC member businesses and leaders in corporate, government, and international organizations.
“WTC Metro Manila is working together with the Trade and Industry Department to encourage our exporters and manufacturers to join the Philippine Delegation to Bengaluru. India is a recognized market for bilateral trade and we are excited to talk about the WTCA Global Business Forum happening in Bengaluru in March 2024. It is such an excellent platform to leverage global business connections. The world will be at the GBF in Bengaluru, and now is the perfect opportunity for companies to join and be exposed to the global market by just going to one place,” said Pascual.
She added that this year’s GBF is a highly relevant event, particularly for the Philippine business community as India is a very promising market with many positive developments happening in various industries.
The 2024 GBF — hosted by World Trade Center Bengaluru — aims to showcase the region’s economic potential and focus on business and trade opportunities across diverse industry sectors including aviation and aerospace, agro and food processing, automobile, biotech, education and IT industries among others.
