Hello everyone!

I am applying PPML estimation to analyze the impact of two trade agreements (both between two countries only, India-Japan and India-South Korea) on trade. My dependent variable is export values and independent variables are usual gravity variables and trade agreement dummies. For this, I am using a large dataset of 192 countries as reporters and partners as well. I have included India-Japan and India-South Korea trade dummies as independent variables along with exporter and importer diversion dummies. So, there are 6 dummy variables in total. I am using full set of fixed effects- Exporter-time, Importer-time and Exporter-Importer FEs. The results seem to be ok with Exporter-time and Importer-time FEs but something is definitely going wrong after including Exporter-Importer FE. Almost results turn insignificant.
Is there something wrong with my model or dataset? I am unable to figure out this issue.