SME Times is powered by   
Search News
Just in:   • Indo-Nepal trade: Let's Wait for the Dust to Settle   • India-US tariff stalemate likely to be resolved in 8-10 weeks: Chief Economic Advisor  • PM Modi-Trump phone call 'moment of bonhomie', says former senior Indian official  • India ready to take relationship with EU to next level: PM Modi to Ursula von der Leyen  • India's efforts to shape sustainable future across region lauded at East Asia Summit event 
Last updated: 28 Aug, 2023  

ASEAN.9.Thmb.jpg A revisit: India-ASEAN trade pact

Asean.9.3.jpg
   Top Stories
» India's contribution to global GDP growth to reach 9 pc by 2035: Govt official
» Centre to help ITIs become AI-driven training centres: FM Sitharaman
» Sensex, Nifty make strong gains amid positive cues after US Fed rate cut
» US Fed decision paves the way for RBI to go for more rate cuts: Analysts
» Piyush Goyal to embark on 2-day UAE visit today
Bikky Khosla | 28 Aug, 2023

India and ASEAN signed the a Trade in Goods Agreement on August 13, 2009 based on the India-ASEAN CECA inked between the two sides on October 8, 2003. The new trade pact, which came to effect from January 1, 2010 – after six long years of negotiation – was initially hailed by our economy watchers, but the enthusiasm gradually began to fade away with India’s trade deficit with the 10-member regional bloc increasing fast.

Our exports to ASEAN increased from $23 billion in 2010 to $37.47 billion in 2018-19, but the country’s imports increased from $30 billion to $59.32 billion in the same period. This gap increased further during the last few years, with latest figures showing total bilateral trade increasing 2.3 times to $131.6 billion and trade deficit standing 8.7 times higher at 43.6 billion in 2022-23 from 5 billion in 2010-11. This situation is a concern.

Last week, ASEAN agreed to India’s long-pending demand for a review of the existing trade pact for goods, with the objective of addressing the existing trade imbalances and disparities between the two sides. The process of revisiting the agreement had begun in 2009, with the formation of a joint committee, and the reviewed pact will now be forwarded to the India-ASEAN Leaders’ Summit, scheduled to take place next month.

Meanwhile, in another positive development, India and the US are now trying to discuss ways to end their dispute at the WTO over poultry products. Interestingly, the two countries mutually resolved six trade disputes last month. Prime Minister Modi, during his US visit in June, stressed the need of integrating the two economies and enhancing bilateral trade and investment. It seems the latest development is a step forward in this direction.

I invite your opinions.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
₹84.00
₹82.25
UK Pound
₹104.65
₹108.10
Euro
₹92.50
₹89.35
Japanese Yen ₹56.10 ₹54.40
As on 25 Jul, 2025
  Daily Poll
Who do you think will benefit more from the India - UK FTA in the long run?
 Indian businesses & consumers.
 UK businesses & consumers.
 Both will gain equally.
 The impact will be negligible for both.
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter