India Initiates Trade Agreement Talks with Philippines and Maldives

India has signed terms of reference with the Philippines and the Maldives to begin negotiations for trade agreements. Talks with the Philippines will focus on a preferential trade agreement (PTA), while discussions with the Maldives will target a free trade agreement (FTA). India is also reviewing its existing trade pacts with ASEAN and South Korea amid concerns over export impacts. India's exports to the Philippines increased slightly in 2024-25, while imports fell, and exports to the Maldives declined significantly.