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India-ASEAN may review FTA in goods by year-end

Anupriya Patel, Minister of State for Commerce and Industry recently said that India and the 10-member ASEAN must announce the review of the India-ASEAN free trade agreement in goods before the end of the year. She added that non-tariff measures faced by Indian exporters of automobiles and agriculture in the bloc should be removed. She emphasized the need to secure FTA provisions to deter the misuse of preferential treatment and highlighted the non-tariff measures faced by Indian exporters in accessing the ASEAN market, especially in the agriculture and auto sector.

“Trade arrangements need to be reciprocal, mutually beneficial and should balance the aspirations of both the partners,” Patel opined. India is unhappy about the fact that its trade deficit with ASEAN has widened significantly since the pact was implemented in January 2010. A NITI Aayog study points out that India’s trade deficit with ASEAN doubled to $10 billion in 2017 from $5 billion in 2011. The trade deficit with the bloc has subsequently increased to about $24 billion.

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