Finance Minister Pranab Mukherjee stressed the need for transparent exchange of information between India and Phillipines on banking and tax related matters. A Double Tax Avoidance Agreement between the two countries is being signed in January to achieve the objective. This was stated by the Finance Minister Pranab Mukherjee during his meeting with his counterpart from Philippines Cesar V. Purisima in New Delhi.

Mr. Mukherjee stated that the scaling down of tariff lines by both the countries under the India ASEAN Free Trade Agreement on Trade in Goods which came into effect in June this year has significantly enhanced the bilateral trade. The Finance Minister stated that the New Delhi wants to further strengthen the banking links between the two countries. He said that the State Bank of India has already proposed for opening a branch in Manila.

Phillipines Minister Purisima said that there is a lot of potentials for further strengthening of relations and cooperation between the two countries especially in the field of education, tourism and manufacturing sector among others.