Philippines-Cambodia seek FTAs with India
The ASEAN–India Free Trade Agreement (AIFTA), once reviewed, would have the potential to double trade between the Indian market of 1.3 billion and the South East Asian markets of 660 million.
Giving this update, Minister of State for Commerce and Industry, Hardeep Singh Puri, said the review was still pending of the AIFTA which came into force on 1 January 2010 and reduced eliminated or reduced tariffs for 90% of the goods traded between ASEAN and India.
The AIFTA allows for back-to-back shipment of goods within member countries, allows for third-party invoicing of goods and allows for ASEAN Cumulation.
“A pending review of the ASEAN–India Free Trade Agreement, once completed, would have the potential to double trade between India and ASEAN,” said Puri at the Inaugural Session of the Indo ASEAN Oceanic Business Summit & Expo: ‘Collaborating for Regional Economic Development’.
India was seeking to deepen and strengthen its ties with the Indo-ASEAN-Oceanic region (IAOR), Puri assured delegates at the session Confederation of Indian Industry (#CII) on 4 August 2020.
The Minister stated that digital technologies such as #E-commerce, #Fintech, #Artificial Intelligence, #Blockchain held the maximum promise for collaboration between India and the countries in the IAOR region.
Puri also confirmed that the Government was moving ahead with the privatisation of airports and this presented a huge opportunity for countries from the #IAOR region.
The Maintenance, Repair and Overhaul (MRO) sector had also been opened up and that would also present a major opportunity for collaboration, said Puri, who is also Minister of State for Civil Aviation.
The Minister expressed full faith in the Indian Industry to bounce back to normal once a vaccine for Covid–19 was found.
India and the world, he added, should learn from the experience of the Covid–19 pandemic to equip itself better for the next pandemic that may come our way.
“We need to look at the region as a new hub of growth integrating ASEAN and Oceanic countries with a strong focus on integrated logistics development, opening new routes and connectivity, both digital and infrastructure,” stressed Suresh Prabhu, India’s Sherpa to G20 and G7 as well as a Member of Parliament.
Prabhu underlined India’s endeavour to bring mutual growth and benefit in the Indo-Asean region through bilateral and multilateral partnerships with a focus on opening new routes of connectivity to increase trade.
The virtual conference was addressed by ASEAN leaders.
India was also invited to re-join the negotiation process of the China-led Regional Comprehensive Economic Partnership (RCEP).
The invitation was renewed by Aung Htoo, Deputy Minister, Ministry of Commerce, #Myanmar, who called for greater cooperation in the areas of agriculture and food processing and e-commerce and digitisation.
He was of the view that the RCEP needed to be concluded as soon as possible.
Meanwhile, the Philippines has suggested exploring the potential of an FTA with India.
The #Philippines looks to work with India on areas such as transport infrastructure, heavy industry, pharmaceuticals, online education among others, said Ceferino S. Rodolfo, Undersecretary-Industry Development and Trade Policy Group (IDTPG), Department of Trade and Industry.
The Cambodian government was now seeking to enter into a bilateral #FTA with India, informed Seang Thay, Secretary of State, Ministry of Commerce.
On its part, Cambodia was undertaking a series of reforms to make it a more conducive place to do business especially in terms of trade facilitation and infrastructure development.
The secretary hoped that these measures would help attract greater investment from the region into #Cambodia. #trade #exports #commerce #connectivity #markets #ASEAN #India /fiinews.com
