Patience please: India’s ASEAN journey has much further to go
3 years, 9 months ago

Patience please: India’s ASEAN journey has much further to go

Live Mint  

Very often, especially after India’s recent refusal to join the Regional Comprehensive Economic Partnership Agreement, we hear that “the ASEAN-India FTA is not good for India”. Bilateral trade between ASEAN and India presently accounts for almost 11% of India’s global trade, up marginally by 1% from 2010-11 to 2019-20. If we add numbers for China, Japan and Korea, then countries under the coverage of New Delhi’s Act East Policy contribute about one-third of India’s global trade. India’s per capita exports and imports vis-a-vis ASEAN have increased since 2010, except for the later years when trade growth slowed down amid persistent trade tensions and a moderation in global economic growth. India’s widening current account deficit with ASEAN, but with a capital account surplus, signals the need of a shift in India’s economic policy towards ASEAN.

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History of this topic

India’s trade braces for an action-packed 2025
2 hours, 40 minutes ago

India’s trade braces for an action-packed 2025

Live Mint  

India’s external trade, navigating a phase of uncertainty owing to the European Union's new carbon tax on imports and slowing consumption in Europe, is set face further pressure. Yet, according to Pralok Gupta, associate professor, Indian Institute of Foreign Trade, which operates under the ministry of commerce and industry, “If US imposes high tariffs on China, India may face collateral …

India strongly pushing for review of Asean-India trade pact, says Jaishankar
2 weeks, 4 days ago

India strongly pushing for review of Asean-India trade pact, says Jaishankar

Hindustan Times  

NEW DELHI: India has been pressing the Association of Southeast Asian Nations for the review of the Asean-India Trade in Goods Agreement because of concerns about its impact on the development of domestic manufacturing, external affairs minister S Jaishankar said on Thursday. External affairs minister S Jaishankar addresses the ASSOCHAM Bharat@100 Summit Fireside Chat on 'Enhancing Bharat’s global partnerships' in …

India faces high exposure to US trade policy shift
2 weeks, 4 days ago

India faces high exposure to US trade policy shift

Deccan Chronicle  

Chennai: India will be one of the key economies that are most exposed to a potential trade policy shift in the US under the new regime. The 2025 trade outlook is clouded by potential US policy shifts, including broader tariffs that could disrupt global value chains and impact key trading partners, said UNCTAD in its global trade update. This 3.3 …

India Seeks Tariff Flexibility in ASEAN FTA Review
1 month, 1 week ago

India Seeks Tariff Flexibility in ASEAN FTA Review

Deccan Chronicle  

New Delhi: India may seek flexibility in the existing tariff concessions in sectors, which are impacted by significant increase in imports, under the free trade agreement review with the 10-nation Association of Southeast Asian Nations, an official said. Eight sub-committees have been constituted under the India-Asean Free Trade Agreement Joint Committee for undertaking negotiations on different areas related to the …

India should reconsider its rejection of the RCEP trade bloc
1 month, 1 week ago

India should reconsider its rejection of the RCEP trade bloc

Live Mint  

Five years ago, on a November morning in Bangkok, just on the verge of signing the Regional Comprehensive Economic Partnership agreement, India abruptly walked out of it. India’s RCEP participation should be based on a broad set of metrics—not merely the trade deficit, but also investment inflows, employment creation and participation in new regional value chains. A 2022 assessment by …

India poised to gain from Trump’s potential tariff hike on China, says report
1 month, 2 weeks ago

India poised to gain from Trump’s potential tariff hike on China, says report

Live Mint  

Following Donald Trump's victory in the U.S. presidential elections, a report from CareEdge suggests that India could benefit from potential shifts in global trade dynamics if Trump moves forward with plans to impose high tariffs on Chinese imports. Such policies aim to reduce the U.S. dependence on Chinese imports, a move that could disrupt established trade channels and prompt companies …

India could benefit from re-orientation of global supply chain away from China after Trump victory: Report
Trending News
1 month, 2 weeks ago

India could benefit from re-orientation of global supply chain away from China after Trump victory: Report

Op India  

After the victory of the Donald Trump in the US Presidential elections, India could benefit from any re-orientation of the global supply chain away from China says a report from Care Edge As per the report, Trump has proposed imposing high tariffs on imports from China, which could lead to changes in global trade dynamics, creating opportunities for India. It …

As Trump vows America First, what’s in store for China & India in Indo-Pacific?
1 month, 2 weeks ago

As Trump vows America First, what’s in store for China & India in Indo-Pacific?

Firstpost  

In sharp deviation from outgoing US President Joe Biden, a lifelong internationalist, President-elect Donald Trump is a brutal transanctionalist who largely sees the world from the point of view of trade and tariffs Former US President Donald Trump has the potential to transform the American government institition for decades. However, now as China is facing economic woes, it remains to …

America First, round two: What Trump's trade agenda means for India and the world
1 month, 2 weeks ago

America First, round two: What Trump's trade agenda means for India and the world

India Today  

With Donald Trump’s return to the White House, global trade dynamics face a seismic shift. India’s strategic balance As Trump brings his protectionist trade policies back, India faces pressure to lower trade barriers or risk tariffs on key exports. Why India matters to the US India holds unique significance for the US — first, as a strategic partner in countering …

World Bank Calls for Tariff Reduction and Ease of FDI in India to Unlock Growth Potential
2 months, 1 week ago

World Bank Calls for Tariff Reduction and Ease of FDI in India to Unlock Growth Potential

Live Mint  

World Bank economist Franziska Ohnsorge urges India to reduce tariffs and ease foreign direct investment restrictions to unlock its full potential. She highlights India's small market share but emphasizes that it can still capitalize on opportunities due to its proximity to global supply chains. The World Bank expects South Asia to remain the fastest growing among emerging market and developing …

How India can fix the Chinese imports problem
2 months, 3 weeks ago

How India can fix the Chinese imports problem

Live Mint  

India last month extended countervailing duties of 12-30% on certain steel imports from China and Vietnam, following requests from local producers to safeguard against cheaper imports. Read this | Mint Primer | China’s stimulus: What it spells for India & the world A growing economy like India’s naturally requires more imports to meet rising consumption and manufacturing demand, with cost …

India has trade surplus with 151 nations; deficit with 75 during Jan-June 2024: GTRI
3 months, 3 weeks ago

India has trade surplus with 151 nations; deficit with 75 during Jan-June 2024: GTRI

The Hindu  

India has recorded trade surplus with as many as 151 countries such as the U.S. and Netherlands, while the country has a trade deficit with 75 nations including China and Russia during the first half of this year, according to think tank GTRI. "Between January and June 2024, India had a trade surplus with 151 countries, representing 55.8 per cent …

EAM Jaishankar says ASEAN is the cornerstone of India’s Act East Policy and its Indo-Pacific vision
4 months, 3 weeks ago

EAM Jaishankar says ASEAN is the cornerstone of India’s Act East Policy and its Indo-Pacific vision

The Hindu  

The Association of Southeast Asian Nations is the cornerstone of India's Act East Policy and its Indo-Pacific vision, External Affairs Minister S Jaishankar said on July 26, as he sought to expand political, economic and security cooperation with the bloc. In his remarks at the opening session of the ASEAN-India Foreign Ministers Meeting, Mr. Jaishankar said that the current political, …

'ASEAN is cornerstone of India's Act East policy, Indo-Pacific vision': Jaishankar at high-level meet in Laos
4 months, 4 weeks ago

'ASEAN is cornerstone of India's Act East policy, Indo-Pacific vision': Jaishankar at high-level meet in Laos

India TV News  

Vientiane: External Affairs Minister S Jaishankar on Friday made his remarks at the opening session of the Association of Southeast Asian Nations Foreign Ministers' meeting, where he referred to the bloc as the "cornerstone" of India's Act East policy and Indo-Pacific vision. For India, ASEAN is the cornerstone of its Act East Policy and the Indo-Pacific vision that was thereafter …

Trade tact: The Hindu Editorial on India’s trade policy focus
5 months ago

Trade tact: The Hindu Editorial on India’s trade policy focus

The Hindu  

India’s goods exports rose for the third successive month this June, growing 2.55% to $35.2 billion. With oil prices virtually unchanged over the last two months, this signals a drop in export volumes, just as a sharper 19.6% rise in June’s oil imports suggests a domestic demand spike. The oil deficit accounts for almost half of the first quarter trade …

India in trade deficit with nine of top 10 trading partners in 2023-24
6 months, 3 weeks ago

India in trade deficit with nine of top 10 trading partners in 2023-24

The Hindu  

India has recorded a trade deficit, the difference between imports and exports, with nine of its top 10 trading partners, including China, Russia, Singapore, and Korea, in 2023-24, according to official data. India's total trade deficit in the last fiscal narrowed to $238.3 billion as against $264.9 billion in the previous fiscal. Economic think tank Global Trade Research Initiative said …

India’s transformation critical to strengthening multipolarity in Asia: Jaishankar
6 months, 4 weeks ago

India’s transformation critical to strengthening multipolarity in Asia: Jaishankar

Hindustan Times  

NEW DELHI: India’s transformation is critical to strengthening multipolarity in Asia and the country’s growing weight will ensure the world order remains in favour of freedom, openness and transparency, external affairs minister S Jaishankar said on Friday. External affairs minister S Jaishankar speaks during the 2024 Nikkei Future of Asia Forum on May 24 In a virtual address to Nikkei …

Govt looks to make North East export hub for Bangladesh, Asean
8 months, 2 weeks ago

Govt looks to make North East export hub for Bangladesh, Asean

Hindustan Times  

The government is rapidly implementing a comprehensive strategy to make the landlocked northeastern region an export hub for markets in Bangladesh and the Association of Southeast Asian Nations even as it negotiates a better free trade deal with the 10-nation Asean block, people familiar with the matter said on Wednesday. India is renegotiating several “adverse” provisions of the 2009 trade …

Act East: Jaishankar’s three-nation Southeast Asia tour
9 months ago

Act East: Jaishankar’s three-nation Southeast Asia tour

Hindustan Times  

As external affairs minister S Jaishankar embarks on a three-nation tour to Southeast Asia - Singapore, the Philippines, and Malaysia - from March 23 to 27 - India seems to be gearing up to commemorate ten years of the launch of its Act East policy in 2014. During his five-day whirlwind tour, Jaishankar will try to maximise the diplomatic footwork …

India’s rival is Vietnam in the game of attracting global manufacturers
10 months, 1 week ago

India’s rival is Vietnam in the game of attracting global manufacturers

Live Mint  

If India wants to build a robust computer and electronics manufacturing industry, it needs to shift focus, fast. The latest reminder of this urgency came last week with a US appeal for New Delhi to make the business environment easier and more transparent to navigate, or keep losing out on foreign direct investment. Though India is getting a lot of …

Why India Isn’t the New China
11 months ago

Why India Isn’t the New China

Live Mint  

China’s economy is struggling, but another Asian giant, neighboring India, is suddenly squarely on investors’ and manufacturers’ radar. India’s age-dependency ratio—a measure of the burden of child and elderly care on households—has fallen to 47 in 2022 from 82 in 1967, according to the World Bank. Only a third of India’s female working-age population was in the labor force in …

3 Economic Stories in ASEAN to Watch in 2024
11 months, 3 weeks ago

3 Economic Stories in ASEAN to Watch in 2024

The Diplomat  

2023 was a year of big economic news in Southeast Asia. Because Southeast Asia has some of the largest and fastest growing economies in the world, and much of that growth has historically been powered by fossil fuels, the clean energy spotlight has recently turned toward countries like Indonesia, Vietnam, and Thailand. At this point it is pretty obvious that …

A cloudy horizon: The Hindu Editorial on trade data
1 year ago

A cloudy horizon: The Hindu Editorial on trade data

The Hindu  

From a rare upward swing this October, India’s goods exports retreated into contraction last month, dipping 2.8% from 2022 levels to touch $33.9 billion. Imports dropped 4.33% to $54.5 billion, cooling the merchandise trade deficit to $20.6 billion, almost a third below October’s record high. August’s goods trade deficit was moderated by nearly three billion dollars, with the overall export-import …

India's trade trajectory: FTAs and beyond
1 year, 1 month ago

India's trade trajectory: FTAs and beyond

Live Mint  

India has been refining its global trade strategy, emphasizing a fresh outlook on Free Trade Agreements. India's readiness to face these emerging challenges will determine how well it can fulfil its ambitions of becoming an export-oriented manufacturing hub Not so long ago, India embarked on a journey to strengthen its trade relations with several nations, forging FTAs that promised mutual …

Eastern hedge: The Hindu Editorial on the need for India to stay closely engaged with ASEAN members
1 year, 3 months ago

Eastern hedge: The Hindu Editorial on the need for India to stay closely engaged with ASEAN members

The Hindu  

Prime Minister Narendra Modi’s whistle-stop summit sojourn to the Indonesian capital of Jakarta earlier this week was primarily aimed at deepening India’s engagement with the economically significant grouping of 10 Southeast Asian nations. Coming on the eve of India’s hosting of the G-20 summit in New Delhi as the current holder of the bloc’s presidency, Mr. Modi’s presence at the …

PM Modi attends ASEAN-India Summit in Jakarta: Why this grouping matters
1 year, 3 months ago

PM Modi attends ASEAN-India Summit in Jakarta: Why this grouping matters

Firstpost  

PM Narendra Modi called the ASEAN bloc the ‘central point’ of India’s Act East Policy at the ASEAN-India Summit in Jakarta. After attending the East Asia Summit later, he will fly back to Delhi for the G20 Summit Prime Minister Narendra Modi said ASEAN is the “central point” of India’s Act East Policy. Attending the 20th ASEAN-India Summit in Indonesia’s …

Japan, ASEAN, and ‘De-risking’ Through Free Trade
1 year, 4 months ago

Japan, ASEAN, and ‘De-risking’ Through Free Trade

The Diplomat  

This year is the 50th anniversary of ASEAN-Japan relations, which have been marked by a growing interdependence. Another factor, however, is ASEAN’s stance of constantly pursuing free trade, such as promoting trade liberalization within the region and sublimating it into the ASEAN Economic Community. Some countries, particularly advanced economies, have shown signs of “trade agreement fatigue.” Yet ASEAN has managed …

India-ASEAN trade deal ill conceived: Goyal
1 year, 4 months ago

India-ASEAN trade deal ill conceived: Goyal

Live Mint  

India-ASEAN trade deal signed under the UPA era is one of the most ill-conceived deals, commerce minister Piyush Goyal said on Thursday at an industry event. India mostly imports capital goods, raw materials and intermediates from Asean, the tariff concessions under the free trade agreements have also been advantageous to many sectors and adversely impacted domestic companies, especially chemicals and …

Reactivating the Asean-India partnership through an FTA
1 year, 6 months ago

Reactivating the Asean-India partnership through an FTA

Hindustan Times  

One of India’s finest Prime Ministers Atal Bihari Vajpayee is remembered for his leadership in shaping India’s engagements with the Southeast Asia. India’s trade balance with ASEAN has deteriorated after the implementation of the FTA. India’s trade increased significantly with rest of the world and also with Asean, and the trends show an almost similar cycle and movement. Second, India’s …

Thirty Years of ASEAN-India Relations: Towards Indo-Pacific - News18
1 year, 6 months ago

Thirty Years of ASEAN-India Relations: Towards Indo-Pacific - News18

News 18  

The India-ASEAN partnership is now 30 years young. Starting in 1992 as a ‘sectoral dialogue partnership’, as post-liberalisation India entered a ‘Look East policy’, it is the date from which anniversaries are founded. India’s relationship with the Association of Southeast Asian Nations has traversed the distance from the ‘Look East policy’ to the ‘Act East policy’. To mark this, a …

India’s Jan.-April imports from China rise 4.6% to $37.86 billion
1 year, 6 months ago

India’s Jan.-April imports from China rise 4.6% to $37.86 billion

The Hindu  

India’s imports of Chinese goods have continued to rise in 2023, growing 4.6% in the first four months of the year to cross $37.86 billion. Two-way trade climbed 4.5% from the year-earlier period to reach $44.34 billion at the end of April, data from China’s General Administration of Customs showed. In the first four months of the year, China’s trade …

India-US Trade Camaraderie Stronger Than Before Amid Persistent Chinese Deficit Pinch
1 year, 8 months ago

India-US Trade Camaraderie Stronger Than Before Amid Persistent Chinese Deficit Pinch

News 18  

The United States has emerged as India’s top trade partner for the second consecutive year, tying up China to the second rank. Strategic and foreign trade experts see the trade numbers as a small but significant move towards decreasing India’s reliance on Chinese imports; a move they feel was urgently required given New Delhi’s overdependence on Chinese imports, its persistent …

Trading more within Asia makes economic sense
1 year, 10 months ago

Trading more within Asia makes economic sense

The Hindu  

South Asia should now have a re-look at regional trade across Asia after the warning by the International Monetary Fund on January 31, 2023, that global trade would slow down from 5.4% in 2022 to 2.4% in 2023. A recently published paper in an IMF book, “South Asia’s Path to Resilient Growth”, argues that a strong base exists for South …

Aakar Patel | If our trade with China can see a rise, why not with our neighbours?
1 year, 11 months ago

Aakar Patel | If our trade with China can see a rise, why not with our neighbours?

Deccan Chronicle  

Reserve Bank governor Shaktikanta Das said last week that the government and the RBI were in discussions with South Asian countries to enable cross-border trade in the rupee. The World Bank says that trade between South Asian nations accounts for only five per cent of the region’s total trade. The World Bank says “border challenges mean it is about 20 …

Merchandise exports may drop 2.3% this year: CARE
1 year, 11 months ago

Merchandise exports may drop 2.3% this year: CARE

The Hindu  

Slowing global growth and cooling demand are likely to shrink India’s goods exports by more than 2% in 2022-23 and grow just 1.5% next year, CARE Ratings said in a research report on Tuesday, signalling a sharp drop in outbound shipments over the next quarter. With major economies likely to experience a sharp slowdown and global trade growth moderating, India’s …

Deciphering the 19th ASEAN-India Summit
2 years, 1 month ago

Deciphering the 19th ASEAN-India Summit

Hindustan Times  

The Association of South East Asian Nations and India had the 19th Summit to commemorate the 30th Anniversary of Asean-India dialogue relations on November 12, 2022 in Phnom Penh, Cambodia. With the global economic landscape shift, Asean and India need to work more closely to explore new sources of growth and prosperity. Although trade growth both in India and Asean, …

India-ASEAN nations to enhance cooperation against terrorism
2 years, 1 month ago

India-ASEAN nations to enhance cooperation against terrorism

Deccan Chronicle  

NEW DELHI: With an eye on the growing Chinese military and economic assertiveness in the region, India and the 10 members of the Asean on Saturday decided to establish a comprehensive strategic partnership and enhance cooperation against terrorism. At the 19th Asean-India Summit in the Cambodian capital of Phnom Penh, that was attended by Vice-President Jagdeep Dhankhar on Saturday, India …

India-China trade deficit widens, imports rise by 29 pc in 5 years: Centre
2 years, 4 months ago

India-China trade deficit widens, imports rise by 29 pc in 5 years: Centre

Live Mint  

Despite continuous disputes between India and China on several issues, India is unable to curb its imports from Beijing. In the ongoing Lok Sabha session, Union Minister of State for Commerce and Industry Anupriya Patel informed that India's total imports from China increased by nearly 29 percent in the past five years. On whether the Government is taking measures to …

India must be the new champion of globalisation
2 years, 5 months ago

India must be the new champion of globalisation

Live Mint  

As countries chalk out paths of post- pandemic recovery, the complex task of opening up cross-border markets for the movement of people, goods, services and capital flows, and getting back to pre-pandemic levels of international trade, will play an important role in a broad economic revival to complement and reinforce domestic recoveries. As a large and fast-growing Asian economy with …

Explained | Why are India’s economic stakes high in West Asia?
2 years, 6 months ago

Explained | Why are India’s economic stakes high in West Asia?

The Hindu  

The story so far: The diplomatic fallout from the provocative and communally charged comments made by two erstwhile spokespersons of the ruling Bharatiya Janata Party, forced the government into firefighting mode earlier this month after several West Asian nations including Qatar, Kuwait, Iran, Bahrain, Oman, Iraq, Saudi Arabia and the UAE as well as the 57-nation Organisation of Islamic Cooperation …

What explains India's high import traiffs
2 years, 10 months ago

What explains India's high import traiffs

Live Mint  

Decoding India’s tariff and trade policy has become increasingly difficult for trade experts. Unlike them, India’s free-trade agreement partners like the Republic of Korea and Thailand also have fairly high average autonomous tariffs, compared to countries like Australia and New Zealand. Learnings from previous agreements: India’s comprehensive economic partnership agreement with ROK has been a key learning experience in the …

India’s trade with China crosses $125 billion, imports near $100 billion
2 years, 11 months ago

India’s trade with China crosses $125 billion, imports near $100 billion

The Hindu  

India’s trade with China in 2021 crossed $125 billion with imports from China nearing a record $100 billion, underlining continued demand for a range of Chinese goods, particularly machinery. Bilateral trade reached $125.6 billion in 2021, with India’s imports from China accounting for $97.5 billion. While a break-up of imports and exports was not immediately available, India’s biggest exports to …

Electronics industry urges cut in import tariffs
2 years, 11 months ago

Electronics industry urges cut in import tariffs

The Hindu  

Pitching for a reduction in import tariffs for the electronics sector ahead of the Union Budget, the India Cellular & Electronics Association and IKDHVAJ Advisers LLP said in a report on Thursday that high import tariffs were making India less competitive in global markets as well as negating the effect of supportive policies such as the performance-linked incentives. India’s tariffs …

Despite Galwan, India’s trade with China has grown. But there is a shift
3 years, 2 months ago

Despite Galwan, India’s trade with China has grown. But there is a shift

Hindustan Times  

New Delhi : Notwithstanding the ongoing border dispute with China, and efforts to dilute economic linkages and reduce dependence, India’s merchandise trade with China is growing and may cross the $100 billion mark this year. While Indian exports to China have seen an 18.54% year-on-year growth at $10.66 billion in April-August 2021, imports of Chinese goods have surged by over …

India must find its way back into trade arrangements
3 years, 2 months ago

India must find its way back into trade arrangements

Hindustan Times  

India and its neighbours have been hesitant to embrace trade as a core element in development. As India watches, Southeast Asian countries are signing free trade agreements, improving market access and creating conditions for deepening their already strong integration with global value chains. Some of these trade initiatives include the Comprehensive and Progressive Agreement for Trans-Pacific Partnership covering Pacific-rim countries; …

Piyush Goyal urges Asean to remove barriers, curb misuse of FTAs
3 years, 2 months ago

Piyush Goyal urges Asean to remove barriers, curb misuse of FTAs

Hindustan Times  

Trade minister Piyush Goyal on Friday called upon the Association of Southeast Asian Nations to do away with non-tariff barriers and curb the misuse of free trade agreements by third parties, often outside the region. I think this only results in reciprocal action from other countries, including India and will hurt the long-term desire of our leaders to expand trade …

Piyush Goyal pushes for ASEAN FTA renegotiation
3 years, 2 months ago

Piyush Goyal pushes for ASEAN FTA renegotiation

The Hindu  

Commerce and Industry Minister Piyush Goyal called for a renegotiation of the India-ASEAN free trade agreement, to prevent its misuse by ‘third parties’ and remove trade restrictions as well as non-tariff barriers that he said have hurt Indian exports disproportionately since the pact was operationalised in 2010. “India is currently witnessing exponential growth in imports from the ASEAN region, while …

India and ASEAN to expand trade despite RCEP walkout
4 years, 1 month ago

India and ASEAN to expand trade despite RCEP walkout

The Hindu  

November 12, 2020 05:35 pm | Updated 09:45 pm IST - New Delhi India and ASEAN countries said they would explore ways to increase trade between them despite India’s exit from the 15-nation Regional Comprehensive Economic Partnership agreement. The RCEP free trade agreement, which India walked out from a year ago, is expected to be signed on November 15th, between …

India Engaging with ASEAN to Review Free Trade Agreements, Piyush Goyal Informs Parliament
4 years, 3 months ago

India Engaging with ASEAN to Review Free Trade Agreements, Piyush Goyal Informs Parliament

News 18  

India is engaging with the 10-member ASEAN to review the free trade agreement, Parliament was informed on Friday. In a written reply in the Rajya Sabha, Commerce and Industry Minister Piyush Goyal said in the India-ASEAN Economic Ministers Consultations held on August 29, both sides instructed the senior officials to engage to determine the scope of the review. Free trade …

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