Commerce Min Collects Industry Feedback For India-ASEAN FTA Review
Date
12/4/2023 2:14:30 PM
(MENAFN- KNN India) New Delhi, Dec 4 (KNN) The Ministry of Commerce is gathering inputs from exporters and industry across sector for an“effective” review of the ASEAN-India Free Trade Agreement (FTA).
The government is looking to collate the response of exporters on areas such as non-tariff barriers, including unjust quality and technical standards and complex rules of origin, faced by them in
ASEAN
nations.
The comprehensive review is expected to be concluded by 2025 which is currently ongoing at the directive of India in order to address the gaping trade deficit it has with the ten-member ASEAN.
“The Commerce Ministry collected inputs from various export sectors in November to frame demands for the review. The idea is to seek changes that will result in greater market access on the ground,” an official tracking the matter told
businessline.
When the India-ASEAN FTA in goods, officially known as the ASEAN India Trade in Goods Agreement (AITIGA), was implemented in January 2010, India's trade deficit with the region was around USD 7.5 billion per annum.
However, the deficit widened significantly to USD 43.57 billion in 2022-23 with India's exports to the region valued at USD 44 billion while its imports were at USD 87.57 billion.
(KNN Bureau)
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