Categories: Business

India ASEAN call for starting discussions to determine FTA review scope

Photo: FILE PHOTO

INDIA ASEAN meet on trade

new Delhi. Trade ministers of India and ASEAN, a 10-nation organization, have instructed their officials to initiate early discussions to determine the scope of the review of the Free Trade Agreement (FTA). The purpose of the review is to make FTAs ​​more friendly, simpler and more supportive of business. An official statement said on Sunday that the issue was discussed during a virtual meeting of the 17th ASEAN-India Economic Ministers held on August 29.

Commerce and Industry Minister Piyush Goyal said that the FTA review was delayed. He requested a full review to begin before the end of this year. "The ministers of India and ASEAN countries directed senior officials to consider the idea of ​​setting the scope of the review as soon as possible with a view to making the Free Trade Agreement friendly, simple and trade-friendly," the statement said. – Start the discussion. The Union Minister emphasized that the agreement should be mutually beneficial. He also expressed the need to strengthen the rules of the original provisions, work towards removing the non-tariff restrictions and provide better market access to Indian businesses. Goyal and Vietnam's Minister of Industry and Trade Tran Tuan Anh co-chaired the meeting. Trade ministers from all 10 ASEAN countries 'Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam' participated. This FTA was signed on 13 August 2009 between India and ASEAN countries. This FTA has been in operation since January 1, 2010.

This post was published on August 30, 2020 8:34 pm

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