ASEAN AGREEMENT
RBI, ASEAN countries to create instant cross-border retail payments platform
The Reserve Bank of India and ASEAN nations are collaborating on "Project Nexus," aimed at establishing a platform for instant cross-border retail payments by linking fast payment systems. India joins Malaysia, Philippines, Singapore, and Thailand as founding members, with plans to expand globally by 2026, enhancing efficiency and reducing costs in international transactions.
India restricts certain studded gold jewellery imports
In a notification, the Directorate General of Foreign Trade (DGFT) brought gold jewellery studded with pearls, diamonds and precious & semi-precious stones in the ‘restricted’ category from ‘free’ with immediate effect which means their import will require a government permit.
CBIC orders release of imports without delay
Industry was facing delays in release of consignments and denial of free trade agreement benefits with authorities questioning value addition in third-party invoicing, ET reported on June 8.
UAE looking to expand scope of trade under CEPA with India: Official
The UAE aims to expand the Comprehensive Economic Partnership Agreement (CEPA) with India, signed on February 18, 2022, to enhance bilateral trade. Feryal Ahmadi, COO of Dubai Multi-Commodities Centre, highlighted potential sectors like agri-commodities and critical minerals. She emphasized India's significance as a trading partner and discussed the growth in UAE-India CEPA trade.
India should seek easy visa norms for semi and unskilled workers in bilateral agreements: Experts
Trade experts suggest India should negotiate easy visa norms in bilateral agreements to boost remittances and wages for semi and unskilled workers. These agreements can also help curb illegal entry of Indian laborers into developed nations.
Singapore and Kazakhstan plan Eurasia to ASEAN trade & transit corridor
Singapore and Kazakhstan strengthen economic ties, enhancing India's role as a link between Southeast Asia and Eurasia. Kazakhstan's transport initiatives and Singapore's expertise create new business opportunities. The countries sign agreements to boost trade and investment, with Singapore investing in Kazakhstan's economy. Cooperation focuses on innovation and digitalization for mutual benefit.
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Paper, paperboard imports up 34pc in FY24 on higher supplies from ASEAN bloc: IPMA
Imports of paper and paperboard in the country rose by 34 per cent to 19.3 lakh tonnes in 2023-24, driven by higher shipments from ASEAN countries, an industry association said on Wednesday. The Indian Paper Manufacturers Association (IPMA) in a statement said that the increasing imports of these products are hurting the domestic industry.
India held two-day "Chintan Shivir" to formulate strategy and SOPs for FTAs
The commerce ministry's two-day "Chintan Shivir" aimed to develop strategies for free trade agreements (FTAs), focusing on India's trade vision for 2047 and new FTA disciplines. Experts emphasized consultation with stakeholders and timely sharing of negotiation details. India is negotiating FTAs with various countries, including the UK, EU, Australia, Eurasian Economic Union, and Peru. Negotiations for the India-EU FTA are at a crucial stage, while the India-UK FTA has made progress but faces challenges like tariff reductions and fair treatment of Indian workers in the UK.
Iran looking at some investments from India in Chabahar region after pact on port operation, says envoy
Iran is looking at some investments from India in Chabahar region post a long-term deal on the Chabahar Port operations, a top Iranian diplomat has said. Talking to PTI, Davoud Rezaei Eskandari, Acting Consul General of Iran in Mumbai, also said that the Chabahar Port deal could be a turning point for its "most relations" with India.
India's imports from FTA partners up 38% during 2019-24 fiscal years: GTRI
According to data from the Global Trade Research Initiative (GTRI), India's imports from countries with which it has free trade agreements (FTAs), such as the UAE, South Korea, and Australia, increased by about 38% during the fiscal years 2019-24, reaching USD 187.92 billion. In contrast, exports to FTA partners rose by 14.48% to USD 122.72 billion in the fiscal year 2023-24 from USD 107.20 billion in 2018-19.
Next round of India-Asean trade pact review talks in July
The discussions for review of the ASEAN-India Trade in Goods Agreement (AITIGA), to make it more trade-facilitative and beneficial for businesses across the region, started in May 2023. The Joint Committee undertaking the review work has met four times so far and has finalised its terms of reference and the negotiating structure for the review negotiations in its first two meetings and initiated the negotiations for review of AITIGA from its third meeting held from February 18-19, 2024 in New Delhi.
Next round of talks for India-Asean trade pact review in July
The discussions for review of AITIGA (Asean-India Trade in Goods Agreement) started in May 2023 to make it more trade-facilitative and beneficial for businesses across the region, the commerce ministry said. A joint committee, which is undertaking the review work, has so far met four times.
India's trade deficit with ASEAN expands since FTA of 2010
The trend continued into the fiscal year FY 2023-24 as well, available data from April 2023 to January 2024 painting a grim picture. India's exports to ASEAN amounted to USD 32,713.01 million during this period.
US, Japan, Philippines trilateral deal to change dynamic in South China Sea, Marcos says
Philippine President Ferdinand Marcos Jr. highlighted the significance of a cooperation agreement between the Philippines, the United States, and Japan, stating that it would change the dynamic in the South China Sea and the region. The agreement, following the first trilateral summit between the nations, aimed to deepen economic and security relations without targeting any specific country. Despite recent tensions with China over the South China Sea, Marcos emphasized that the summit's focus was on enhancing cooperation rather than confrontation.
India reviewing Asean trade pact with an eye to boost domestic manufacturing
India is reviewing its trade pact with Asean to address anomalies like the inverted duty structure disadvantaging local manufacturers. Measures such as production-linked incentive schemes, import tariffs, and import monitoring are in place to tackle the trade deficit.
India expresses support for Philippines amidst South China Sea tensions
India has pledged support to the Philippines amid escalating tensions in the South China Sea. External Affairs Minister S Jaishankar, in Manila, reaffirmed India's commitment to helping maintain peace and freedom in the Indo-Pacific. The recent incident near Second Thomas Shoal in the Spratly Islands has raised concerns, leading to discussions between deputy foreign ministers. Jaishankar also met with Philippine President Bongbong Marcos to expand bilateral ties, emphasizing the need for closer cooperation to address regional challenges.
Thailand sends aid to war-torn Myanmar, but critics say it will only help junta
Myanmar is wracked by a nationwide armed conflict that began after the army ousted the elected government of Aung San Suu Kyi in February 2021 and suppressed widespread nonviolent protests that sought a return to democratic rule. The fighting has displaced millions of people and battered the economy.
India's trade pacts with UK, Oman, EFTA bloc positive signal of economic integration with world: GTRI
According to a report by the Global Trade Research Initiative, the successful conclusion of India's proposed trade agreements with the UK, Oman, and the European Free Trade Association (EFTA) will reflect its commitment to trade liberalisation and economic integration.
India, Asean discuss review of trade agreement
Eight sub-committees have been constituted under the India-Asean free trade agreement joint committee for the review of the pact. The AITIGA Joint Committee aims to conclude the review in 2025 and address the long-standing demand of Indian businesses to eliminate barriers and misuse of the trade pact.
Are free trade agreements benefiting India?
India should focus on developing new trade strategies as the preferential FTA route has not benefited the country as expected.
India's bilateral FTA with Singapore and as part of Asean needs to be studied together: GTRI
The think-tank GTRI (Global Trade Research Institute) has recommended that the government undertake a thorough examination of the bilateral free trade agreement with Singapore. This suggestion comes in the context of an ongoing review of India's trade pact with the 10-nation ASEAN bloc.
Changing faces of India’s FTAs: A long way since Bangkok Agreement
From the Bangkok agreement (or APTA) to IPEF, India’s FTA journey has evolved significantly, reflecting its commitment to foster international trade and economic integration within its region and with global partners. These phases demonstrate India’s adaptability and willingness to explore new avenues for economic growth and cooperation on the international stage.
FTAs with UAE & Australia boosted engineering exports by 9% in April-August period
Engineering exports from India to the UAE and Australia have increased by 9% in the April-August period of the current financial year, providing a boost to overall engineering exports, which have seen a decline during the same period. Engineering exports to Russia have also surged by 178% during this period.
ASEAN Summit critical to uphold ASEAN solidarity in era of global uncertainty
The upcoming ASEAN Summit in Jakarta is seen as crucial for reaffirming ASEAN solidarity and addressing key challenges, particularly in the South China Sea region. ASEAN and China have agreed to complete negotiations on the Code of Conduct in the South China Sea within three years. India, as a neighbor of ASEAN, should play a significant role in cross-border payments and share its expertise on digital public infrastructure. India and ASEAN should also enhance cooperation in areas such as maritime security, cybersecurity, and sustainable development.
Asean, India likely to revaluate duty cuts, non-tariff measures
India has asked for a review of the agreement to eliminate barriers and misuse of the trade pact. Concerns have also been raised about routing of goods from third countries in India through Asean members by taking the duty advantages of the agreement. Trade facilitation, customs cooperation, and economic and technical cooperation are likely to be part of the pact review.
India, Asean to intensify efforts to conclude FTA review by 2025
India and the 10-nation bloc Asean on Monday said they have directed their officials to intensify their efforts to conclude the review of the existing free trade agreement in goods between the two regions by 2025. The issue was discussed during the twentieth AEM (Asean Economic Ministers)-India Consultation meeting, held at Semarang, Indonesia.
India, Asean decision on review of free trade agreement in goods expected tomorrow
India has asked for the review of the agreement with an aim to eliminate barriers and misuse of the ASEAN India Trade in Goods Agreement, which came into effect on January 1, 2010. Members of the Asean include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
Import curbs on laptops, PCs to also cover FTA partners
This will ensure there is no circumvention of the restrictions kicking in on November 1 through the treaty route. India said on Thursday that imports of these electronic goods that have been free until October 31 will require a licence. Officials said FTA provisions won’t be violated as such non-tariff barriers are not negotiated in FTAs and India has cited security reasons for the latest measure. The country has not raised tariffs or imposed a ban but only said imports will require licences.
India-ASEAN free trade agreement most ill-conceived: Piyush Goyal
India's Commerce and Industry Minister Piyush Goyal criticised the previous governments for not doing enough stakeholder consultations on free trade agreements, saying the India-ASEAN FTA was "most ill-conceived" and unfairly favoured imports. Goyal also said India opened its markets to Japan and Korea but has not seen an increase in exports to those countries.
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