India to negotiate trade pacts with Maldives, Philippines
Business
India has agreed terms of reference to begin negotiations for a preferential trade agreement with the Philippines and a free trade agreement with the Maldives, aiming to boost economic ties across Southeast Asia and the Indian Ocean.
The deals include plans for a preferential trade pact with the Philippines and a full free trade agreement with the Maldives.
India is stepping up partnerships
These moves mean more business opportunities, potential consumer benefits for the Maldives, and growing exports to the Philippines (rose 3.11% in 2024-25).
India is also stepping up partnerships: think expanded payment and financial cooperation initiatives, financial or development cooperation, and ongoing talks with countries like Australia and Sri Lanka.