The Commerce and Industry Minister Piyush Goyal on August 27, 2020, attended the virtual meeting of ASEAN-India Business Council Meet. In his address, he mentioned that the India-ASEAN trade can reach $300 billion by improving relations.
The Union Minister during the meet also extended a hand of friendship to the ASEAN (Association of Southeast Asian Nations) region, which he further described as deep and the valuable partners in progress.
While highlighting the need for Collaboration, Cooperation, and Commitment, Mr. Goyal mentioned that these three elements will guide the strategic partnership between India and the ASEAN countries.
Addressed ASEAN-India Business Council virtual meet & highlighted importance of Cooperation, Collaboration & Commitment among the council members.
— Piyush Goyal (@PiyushGoyal) August 27, 2020
India extends a hand of friendship to ASEAN countries through businesses for driving mutual success.
📖https://t.co/swfKDneOSj pic.twitter.com/muIePbHkz0
Improving relations between India and ASEAN to enhance trade:
Piyush Goyal during the virtual meet mentioned that ASEAN and India have not been able to harness their full trade potential due to various reasons but now it is time to open the scope to expand trade and address the concerns of all the businesses and nations and also resolve the differences. He also extended India’s friendship and partnership to ASEAN through business.
He added that COVID-19 has provided a unique opportunity to India to demonstrate itself as a trusted partner to the world. While talking about Atmanirbhar Bharat, Mr. Goyal mentioned that it connotes a self-reliant country which is ready to engage with the world from the position of confidence and strength and on equal and fair terms.
India’s merchandise trade with 10 members ASEAN in Financial Year 2020 was $86.86 billion.
Free Trade Agreement (FTA) between India and ASEAN:
ASEAN and India inked a Free Trade Agreement (FTA) and both sides have now agreed to review the ASEAN-India Trade in Goods Agreement. It was signed in 2009 after New Delhi complained of a burgeoning trade deficit with the grouping. In FY20, India had a trade deficit of $23.88 billion with ASEAN.
ASEAN is also a part of the Regional Comprehensive Economic Partnership trade bloc that India exited in 2019.
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