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Time of India
21 hours ago
- Business
- Time of India
India to focus on robust pacts with developed nations: Piyush Goyal
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: India 's focus is on entering into robust trade agreements with the developed world, commerce and industry minister Piyush Goyal said on Thursday."Our focus is on entering into robust trade agreements with the developed world," Goyal said at an event in has announced its free trade agreement (FTA) with the UK and concluded deals with Australia, the UAE and European Free Trade Association. It is also in talks with the US and European Union."There was a time 15 years ago when we were more focused on doing trade agreements with countries who were really our competitors. Why do an ASEAN agreement... which was done 15 years ago before we came into government... it really is silly because I am opening up my market to my competitors, many of whom have now become the B team of China. So, effectively and indirectly, I have opened up my market for goods that find their way from China into India," Goyal ASEAN-India Trade in Goods Agreement (AITIGA), which came into effect in 2010, is currently under review. India has been demanding a review of the pact to eliminate barriers and its or the Association of Southeast Asian Nations, comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and this government is focusing on having robust agreements, as it did with Australia and is now set to negotiate with New Zealand in another three-four months, Goyal said."What we did with the UAE and are now close to closing second in the Gulf... and possibly start with other countries of the Gulf region. The rich countries... countries against whom we do not compete but complement," he said. Trade negotiations are going on with Chile and Peru as well.
Time of India
23-05-2025
- Business
- Time of India
Low use of Asean FTA under review; aim is to eliminate barriers
The commerce and industry ministry has assessed that the utilisation of the preferential route under the Asean-India Trade in Goods Agreement (AITIGA) for the export of many goods, including chemicals and plastics, to Thailand is below 50%. The AITIGA was signed in 2009 and came into effect in 2010. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads NEW DELHI: The government is examining the causes for the low utilisation of India's free trade agreement (FTA) with the Association of Southeast Asian Nations (Asean) bloc, particularly Thailand The commerce and industry ministry has assessed that the utilisation of the preferential route under the Asean-India Trade in Goods Agreement ( AITIGA ) for the export of many goods, including chemicals and plastics, to Thailand is below 50%. The AITIGA was signed in 2009 and came into effect in 2010."The AITIGA offers lower preferential tariff rates compared to the tariffs levied by Thailand. We have asked industry why the utilisation of this preferential route for many exports is below 50%," said an Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam are Asean members. Five countries-Indonesia, Singapore, Malaysia, Thailand and Vietnam-account for 92.7% of India's exports to and 97.4% imports from per the analysis, Thailand imposes most-favoured nation (MFN) duty of 3-30% on certain plastics and chemicals whereas these products can go duty-free under the present, the AITIGA is being reviewed as India seeks 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 the pact, the two sides agreed to progressively eliminate duties on about 75% of goods and reduce tariffs on around 15% goods but the 10 Asean countries made different tariff elimination commitments.
