India and the Philippines have been negotiating a trade agreement for several years, with the aim of boosting economic ties between the two countries. After prolonged negotiations, the two governments finally signed the India Philippines Comprehensive Economic Partnership Agreement (CEPA) in August 2019. The CEPA is expected to provide a significant boost to trade and investments between the two countries.

The bilateral trade between India and Philippines stood at $1.9 billion in 2018-19. The CEPA aims to increase the bilateral trade volume to $12 billion by 2024. The agreement covers several sectors, with a focus on goods, services, and investments. Some of the key sectors covered under CEPA are pharmaceuticals, automotive, textiles, and electronics.

One of the significant benefits of the CEPA is the elimination of tariffs on several products traded between India and the Philippines. This will help reduce costs for importers and exporters and give a boost to trade. The agreement also includes provisions for the exchange of information, cooperation on customs matters, and simplification of the export-import procedures.

The CEPA also incorporates provisions for the protection of intellectual property rights (IPR). This is crucial, as India has been facing criticism over its IPR laws in recent years. The agreement will help ensure that both countries are on the same page when it comes to protecting IPR and facilitating innovation and creativity.

Furthermore, the CEPA includes a chapter on e-commerce, which is a rapidly growing sector in both India and the Philippines. The chapter includes provisions for the promotion of cross-border e-commerce, consumer protection, and data privacy. This will help facilitate the growth of digital trade between the two countries.

The CEPA is expected to provide several benefits to both India and the Philippines. For India, it will provide access to a growing market of 100 million consumers in the Philippines. The agreement will help Indian businesses tap new markets and diversify their exports. For the Philippines, the CEPA will provide access to India`s large market of 1.3 billion consumers and help boost its exports.

In conclusion, the India Philippines Comprehensive Economic Partnership Agreement is a significant milestone in the bilateral trade relations between the two countries. The agreement will deepen economic ties, promote trade and investments, and unlock new opportunities for businesses in both countries. The CEPA is expected to drive economic growth and create new jobs, benefiting both India and the Philippines.