The Philippines is exploring a potential preferential trade agreement (PTA) with India and a free trade agreement (FTA) with Paraguay to expand market access and secure cheaper pharmaceutical products, Department of Trade and Industry Secretary Ma. Cristina Roque said Wednesday.
Speaking on the sidelines of the Employers Confederation of the Philippines 47th National Conference of Employers at the Manila Hotel, Roque said the proposed PTA with India gained momentum following a recent presidential visit to the South Asian nation.
“There are no final details yet because we had a presidential visit to India. But, definitely we’ll follow up on this,” Roque said.
She said the primary interest of the Philippines in a deal with India is improving access to pharmaceutical products.
The Philippines is also strengthening trade links with South America, after Paraguay President Santiago Peña recently expressed interest in a possible FTA with Manila during recent discussions.
“Actually, he opened the topic of the FTA between Paraguay and the Philippines,” Roque said.
Paraguay wants to position itself as a gateway to the broader South American market despite having a population of only around 6.5 million, according to Roque.
“They want to be the hub to the South American market,” she said, noting that the region represents a market of around 300 million consumers. Paraguay is interested in exporting agricultural products such as beef, pork and chicken to the Philippines.
Roque said the Philippine government remains open to pursuing additional trade agreements if these would benefit the local economy.
Negotiations for the Philippines-European Union free trade agreement are progressing and could conclude by June or July this year, while bilateral trade agreement talks with Canada and Chile are nearing conclusion this 2026, Roque said.
Philippine Chamber of Commerce and Industry president Ferdinand Ferrer said the business community looks forward to bilateral agreements between the Philippines and other countries.
“Although it will be a challenge for us, especially the MSMEs, since these are big markets, we just need to adjust to learn,” Ferrer said.
