8. April 2021

Asean Free Trade Agreement With India

On 6 November 2008, in Makati, Metro Manila, Philippines, the 14th Minister of Transport of ASEAN (ASEAN) adopted the ASEAN-India Air Transport Cooperation Framework, which will form the basis for closer cooperation between ASEAN and India in the field of air transport. The ASEAN-India Air Services Agreement (AI-ATA) is being negotiated with the 2011 implementation schedule. For a more detailed description of trade flows between India and ASEAN, see the table below: India`s trade with ASEAN focuses mainly on Singapore, Malaysia and Thailand. Economic ties and prosperity between the two regions will flourish following the recent ASEAN-India Summit in New Delhi on 20-21 December 2012 and the subsequent adoption of the Free Trade Agreement on Services and Investment. But it sets rules for trade that facilitate investment and other business in the region, Jeffrey Wilson, research director at the Perth USAsia Center, said in a report for the Asia Society. In addition, Indonesia and India signed a Memorandum of Understanding (MOU) in 2005 to establish a Joint Task Force (JSG) to examine the positive aspects of signing a Comprehensive Economic Cooperation Agreement (ECSC). The ECSC must be an agreement that includes economic cooperation and trade in goods and services as well as investment, which would lead to a higher level of mutually beneficial economic cooperation between the two countries. The JSG forecasts that this ACA would bring total exports between India and Indonesia to $17.5 billion in 2020, with Indian exports reaching $7.8 billion and Indonesian exports at $9.7 billion. At the 10th ASEAN-India Summit in New Delhi on 20 December 2012, India and ASEAN concluded negotiations on free trade agreements on services and investment. Both sides expect bilateral trade to rise to $100 billion by 2015 and $200 billion within a decade. [8] In 2010, trade relations were further strengthened, with the Indian Chamber of Commerce of Laos signing several agreements with organizations such as the Lao Chamber of Commerce, the Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry.

The last paragraph of the statement stated that ASEAN members had already agreed, prior to the meeting with India, on the next steps of their internal meeting of economy ministers on 25 August. „In order to ensure a smooth and facilitating process, the Ministers instructed the ASEAN secretariat to conduct a preliminary assessment of THE ASEAN joint position on the AITIGA review and to cooperate with India in the scoping exercise.“ Over time, the agreement will already reduce low tariffs on trade between member states and be less comprehensive than a Trans-Pacific trade deal with 11 nations, which President Donald Trump withdrew shortly after taking office. „Over 21 sectors, the overall trade balance deteriorated in 10 to 13 sectors (reducing surpluses or increasing the deficit).