Ministry of Commerce signs terms of reference to launch PTA with Philippines and FTA with Maldives

Key facts

• India signed terms of reference with the Philippines for a Preferential Trade Agreement (PTA) and with the Maldives for a Free Trade Agreement (FTA).
• India’s exports to the Philippines rose 3.11 per cent to USD 2.16 billion in 2024-25, while imports dipped 17.8 per cent to USD 1.17 billion.
• India’s exports to the Maldives dipped 37.11 per cent to USD 56.88 million in 2024-25, while imports rose 37.14 per cent to USD 118.82 million.
• The AITIGA Joint Committee has met 11 times; the next review meeting is scheduled for 30-31 March 2026.
• India-Korea CEPA review began in 2016 and has completed 11 negotiation rounds, the latest in Seoul in July 2024.
• India has ongoing trade negotiations with Gulf Cooperation Council (GCC), Canada, Australia, Sri Lanka, Peru, Chile, Eurasian Economic Union (EAEU), and Israel.
• India signed FTAs with the UK and Oman last year and announced completion of negotiations with the EU and New Zealand.