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Time of India
3 hours ago
- Business
- Time of India
India builds 4-lane FTA roadmap: US and EU in sight, minerals and neighbours next
India has prepared a four-part strategy for its free trade agreements (FTAs), targeting developed countries, nations rich in minerals, developing economies, and its neighbours. The first phase of this approach is expected to materialise by the end of the year, with potential deals involving the United States and the European Union. According to Times of India, negotiations are already underway with several countries, including Chile, Peru, Australia, and New Zealand. In parallel, the commerce department is ramping up its negotiating teams and is also working to ensure that exporters are actually using the available preferential tariffs. Recent data points to improved utilisation of such tariffs, especially in the case of the UAE. However, detailed numbers for each country are still being collated by the commerce department. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo The Modi government, which had previously taken a cautious approach towards FTAs, is now moving with a more structured plan. This shift came after India opted out of the China-led Regional Comprehensive Economic Partnership (RCEP) a few years ago. The first pillar of the new FTA framework is focused on complementarities. "If we are competing for the same set of products, it does not make sense to have an FTA," ToI cited an official. Live Events As a result, the government's initial focus has been on developed nations. These countries, due to their higher cost structures, are not seen as direct competition in labour-intensive sectors. But this strategy also requires India to move away from its usual reluctance to reduce tariffs on sectors previously considered sensitive. These include automobiles and products like wine and alcohol. The UK trade deal has already been finalised, while agreements with the EU and US are in progress. India and Canada have also agreed to restart discussions. Among neighbouring countries, some are off the table, such as China and Pakistan. But India is open to moving ahead with talks involving nations like Sri Lanka and Mauritius. At the same time, the government is trying to secure critical minerals and resources through its trade discussions. These include countries such as Australia, where a chapter on this issue is proposed in the expanded trade pact, as well as Chile, Peru, and nations in the Gulf region. Many of these also fall under the category of developing countries, a segment expected to gain more attention in coming years. While trade negotiations are ongoing, the commerce department is also reinforcing the structure and continuity of its teams. In nearly all talks, a team led by a chief negotiator—at the rank of additional secretary—is being constituted. This is supported by two joint secretaries. Other ministries are also involved in the discussions, since trade agreements have sectoral implications. These include the ministries of agriculture, labour, and various departments handling industrial goods. To build the necessary expertise, the Indian Institute of Foreign Trade has been asked to develop training modules. These are not only for government negotiators but also for private sector participants, a senior official said. All lessons from the ongoing negotiations are being documented, and standard operating procedures (SOPs) are now being prepared to guide future talks.
Barnama
a day ago
- Business
- Barnama
Malaysia Commits To ASEAN Integration To Bring About Resilient Regional Economy
BUSINESS KUALA LUMPUR, June 19 (Bernama) -- Malaysia is working actively towards upgrading existing trade agreements with ASEAN member states and dialogue partners, reinforcing its commitment to a more integrated and resilient regional economy, said Prime Minister Datuk Seri Anwar Ibrahim. He said ASEAN has laid a solid foundation that has 'guided us through disputes and crises, be it sovereignty and border issues, the scourge of pandemics, or climate disasters.' 'It has anchored our economic integration through initiatives like the Regional Comprehensive Economic Partnership, and in the future, the Digital Economic Framework Agreement. We will continue to place our trust in ASEAN's founding principles and its enduring potential. But we must go further in strengthening our collective resolve,' he said in his keynote address at the 38th Asia-Pacific Roundtable: Recalibrating Asia's Frontiers here today. He said that as an agent of change, Malaysia as the ASEAN chair, must not only reflect ASEAN's values, 'we must attempt to shape them.' Anwar stressed the need to 'confront the hard truths about our regional architecture, renew our commitment to shared responsibilities, and strengthen cooperation beyond just rhetoric. 'We are preparing for a world wrought with challenges, and must enhance regional integration, develop additional economic ties and tap future catalysts of growth, including digital transformation, the exponential surge of artificial intelligence, and energy transition,' he said. Addressing concerns over rising protectionism, Anwar noted that trade is fundamental to regional security. 'Trade is not a peripheral issue, it is a pillar of regional stability. When trade weakens, divisions emerge.' He highlighted the recent ASEAN-GCC-China Summit as a clear example of ASEAN's convening strength and its commitment to harnessing economic synergies and fostering institutional collaboration. Anwar said the conclusion of the Digital Economy Framework Agreement (DEFA) will unlock the vast potential of the regional digital economy and more importantly, greater intra-regional connectivity will create new opportunities for local businesses to expand their footprint across the region.'
The Star
3 days ago
- Business
- The Star
Cambodia's trade with Asean rises to US$7.2bil in January-May
Workers sewing garments for export at a factory in Phnom Penh. - STPM PHNOM PENH: Cambodia's trade volume with its fellow Asean member states reached US$7.2 billion in the first five months of 2025, up 5.5 per cent over the same period last year, a report said on Monday (June 16). The country exported products worth $2.7 billion to other Asean countries during the January-May period this year, up 10 per cent year-on-year, while its total import amounted to $4.5 billion dollars, up 3 per cent, said the report compiled by the Ministry of Commerce. Cambodia's trade volume with the Asean accounted for 28.2 per cent of the country's total trade volume in the cited period, the report said. Cambodia's top five trading partners in Asean were Vietnam, Thailand, Indonesia, Singapore, and Malaysia, the report added. Asean comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Cambodian Prime Minister Hun Manet said at a recent Cambodia-Asean business summit that Asean has established itself as a beacon of stability and prosperity, with immense potential highlighted by its status as the world's fifth-largest economy. He added that the Regional Comprehensive Economic Partnership (RCEP) agreement has further solidified Asean's unwavering commitment to deepen regional integration and foster mutually beneficial economic and trade relations. - Xinhua
The Star
13-06-2025
- Business
- The Star
Vietnam and Malaysia see opportunities to broaden cooperation across key sectors, says expert
HANOI/KUALA LUMPUR (Bernama-VNA) : The signing of the Comprehensive Strategic Partnership in November 2024 has opened up significant opportunities for Vietnam and Malaysia to enhance cooperation across emerging sectors such as the green transition, security, and the digital economy, stated Collins Chong Yew Keat, a foreign policy and security expert at Universiti Malaya. In an interview with the Vietnam News Agency's correspondent in Kuala Lumpur, Collins said that Prime Minister Pham Minh Chinh's recent visit to Malaysia had further consolidated the two countries' growing cooperation. According to Collins, bilateral trade has seen substantial growth, rising from US$8 billion in 2015 to US$14.2 billion in 2024, with key exports including electronics, petroleum, and rubber. However, he noted that both nations should better leverage their participation in the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). He proposed that Vietnam and Malaysia consider establishing mutual recognition of industrial standards, cutting down trade barriers and customs procedures to reduce costs and boost collaboration among export businesses. In the semiconductor sector, Collins observed that the two countries can be highly complementary. Malaysia, a long-standing regional hub for semiconductor production, is the world's sixth-largest exporter of semiconductors and accounts for 13 per cent of the global market in chip testing and packaging. Meanwhile, Vietnam is emerging as an attractive destination for investors thanks to its abundant and high-quality workforce. He noted that Malaysia is eager to cooperate with Vietnam in this area, given the unique strengths of each country. Beyond bilateral ties, he also suggested that Malaysia and Vietnam deepen collaboration with other Asean members in a spirit of solidarity and joint development to fully harness the region's potential. With both countries committed to reducing greenhouse gas emissions, Collins identified energy cooperation and the green transition as a strategic priority, particularly in the areas of energy security and renewable energy development. As Asean Chair, Malaysia has launched an agenda promoting a Just Energy Transition (JET), aimed at shifting from fossil fuels to clean, low-carbon energy sources while ensuring an inclusive transition that leaves no one behind. Vietnam, with its growing role in Asean, is poised to become a key partner for Malaysia in this field, he held. On defence, Vietnam and Malaysia renewed a Memorandum of Understanding in 2023 aimed at enhancing communication and joint activities. Despite maintaining neutrality and non-alignment, both countries are encouraged to increase cooperation in addressing traditional and non-traditional security threats. Agriculture and Halal products also offer promising avenues. Vietnam is seeking Halal certification for its exports from Malaysia's JAKIM (Department of Islamic Development Malaysia) to access the US$3 trillion global Halal market. Malaysia, in turn, relies heavily on imported rice and views Vietnam - a top rice exporter - as a key partner for food security. Commitments in long-term rice supply and Halal support could further boost bilateral trade. In labour and education, Collins called for mutual recognition of Technical and Vocational Education and Training (TVET) qualifications to facilitate workforce development and technology adoption. He also urged closer collaboration between universities and research institutes to strengthen education, science, and innovation ties. Tourism, a major contributor to both economies, also holds untapped potential. Collins recommended expanding sister city partnerships, promoting tourism campaigns, and leveraging digital marketing to increase visitor flows. Vietnam and Malaysia are among the region's fastest-growing e-commerce markets, but gaps remain in data governance standards. The expert advocated greater dialogue between regulators and businesses to share best practices, enhance technology transfer, and align digital strategies. Multilateral cooperation and stable supply chains are key to deeper integration into Indo-Pacific production networks. Collins suggested tapping funding from Malaysia's Khazanah Nasional and Vietnam's State Capital Investment Corporation (SCIC) to support start-ups in sectors like the green transition and digital innovation, he said. He concluded that by translating their Comprehensive Strategic Partnership, established last year, into concrete initiatives - from semiconductors and clean energy to Halal trade and digital connectivity - Vietnam and Malaysia could drive regional growth, reinforce Asean centrality, and advance shared peace and prosperity. - Bernama-VNA
Barnama
13-06-2025
- Business
- Barnama
Vietnam, Malaysia See Opportunities To Broaden Cooperation Across Key Sectors: Expert
KUALA LUMPUR, June 13 (Bernama-VNA) -- The signing of the Comprehensive Strategic Partnership in November 2024 has opened up significant opportunities for Vietnam and Malaysia to enhance cooperation across emerging sectors such as the green transition, security, and the digital economy, stated Collins Chong Yew Keat, a foreign policy and security expert at Universiti Malaya. In an interview with the Vietnam News Agency's correspondent in Kuala Lumpur, Collins said that Prime Minister Pham Minh Chinh's recent visit to Malaysia had further consolidated the two countries' growing cooperation. According to Collins, bilateral trade has seen substantial growth, rising from US$8 billion in 2015 to US$14.2 billion in 2024, with key exports including electronics, petroleum, and rubber. bootstrap slideshow However, he noted that both nations should better leverage their participation in the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). He proposed that Vietnam and Malaysia consider establishing mutual recognition of industrial standards, cutting down trade barriers and customs procedures to reduce costs and boost collaboration among export businesses. In the semiconductor sector, Collins observed that the two countries can be highly complementary. Malaysia, a long-standing regional hub for semiconductor production, is the world's sixth-largest exporter of semiconductors and accounts for 13 per cent of the global market in chip testing and packaging. Meanwhile, Vietnam is emerging as an attractive destination for investors thanks to its abundant and high-quality workforce. He noted that Malaysia is eager to cooperate with Vietnam in this area, given the unique strengths of each country. Beyond bilateral ties, he also suggested that Malaysia and Vietnam deepen collaboration with other ASEAN members in a spirit of solidarity and joint development to fully harness the region's potential. With both countries committed to reducing greenhouse gas emissions, Collins identified energy cooperation and the green transition as a strategic priority, particularly in the areas of energy security and renewable energy development. As ASEAN Chair, Malaysia has launched an agenda promoting a Just Energy Transition (JET), aimed at shifting from fossil fuels to clean, low-carbon energy sources while ensuring an inclusive transition that leaves no one behind. Vietnam, with its growing role in ASEAN, is poised to become a key partner for Malaysia in this field, he held.
