The Commerce Ministry said that India has signed terms of reference (ToR) with Philippines and Maldives to start negotiations. Under ToR, the country will start negotiations for a preferential trade agreement (PTA) with Philippines and a free trade agreement (FTA) with Maldives. During 2024-25, Indian exports to the Philippines increased 3.11% to $2.16 billion, while imports dipped 17.8% to $1.17 billion. In the same period, India's exports to the Maldives fell 37.11% to $56.88 million, while imports rose 37.14% to $118.82 million.

The Philippines is a part of the ASEAN bloc, with which India has a free trade agreement in goods in 2009. The ministry noted that the India and ASEAN bloc are reviewing the trade pact, as it is hurting Indian exports. Further, the AITIGA (Asean-India trade in goods agreement) Joint Committee has met for review 11 times so far and next meeting is scheduled for March 30 to 31, 2026. ASEAN countries are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

The ministry further said that India-Korea CEPA (Comprehensive Economic Partnership Agreement) is under review for upgradation of the pact. Further, the country has recently launched trade pact talks with the Gulf Cooperation Council (GCC) and Canada. Also, similar negotiations are going on with Australia, Sri Lanka, Peru, Chile, EAEU, and Israel. Last year, the country has signed FTAs with the UK and Oman, which are likely to be implemented this year. Meanwhile, negotiations for trade pacts with the EU and New Zealand have been announced completed.