THE Philippines has at least $566.9 million worth of untapped export potential in India, the Department of Trade and Industry's Export Marketing Bureau (DTI-EMB) said.

EMB Assistant Director Jhino Ilano said that export opportunities could come from electronics, halal-based products, personal care and beauty products; coconut products, as well as dairy products and eggs.

Likewise, the World Trade Centers Association (WTCA) gave emphasis to trade opportunities between India and companies in the Association of Southeast Asian Nations (Asean) countries.

"The dynamic growth of India's industrial sectors, coupled with platforms such as the Asean-India Free Trade Agreement (Aifta), have created untapped potential for increased investments between the two regions," the WTCA said in a statement on Thursday.

Vineet Verma, managing director of the World Trade Center businesses in Bengaluru, Chennai and Kochi, specifically cited industries that Asean investors may benefit.

This includes the agricultural and food processing sector, biotech, manufacturing, automotive and aerospace, among others.

"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," said Verma.

Established in 2010, Aifta was designed to open up both the Asean and India markets by reducing duties on goods. In 2023, the Philippines and India also agreed to begin negotiations on a bilateral preferential trade agreement that would further eliminate tariffs.

On the other hand, Pamela Pascual, chairman and chief executive officer of World Trade Center Metro Manila and board member of the WTCA, said that they are collaborating with the DTI to encourage exporters and manufacturers to look into the potential of the Indian market.

Pascual also encouraged the DTI to join the Philippine delegation in the 54th annual WTCA Global Business Forum (GBF) in Bengaluru, India, that will run from March 3-6.

"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," she said, adding that India is a recognized market for bilateral trade.

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