Asean Trade Agreement India

Under the RCEP, the parts of all Member States would be treated in the same way, which could encourage companies in RCEP countries to look for suppliers in the commercial region. Over time, the agreement will already reduce low tariffs on trade between member states and be less comprehensive than a Trans-Pacific trade deal with 11 nations, which President Donald Trump withdrew shortly after taking office. Brunei`s main export to India was crude oil, while Brunei mainly imported textile products and spare parts from India. However, given the relatively high shipping costs between the two countries and the limited links between the Indian and Brunei communities, combined with the limited needs of Brunei`s small population, bilateral trade has been somewhat curbed. According to a study by Niti Aayog on India`s free trade agreements, India`s trade deficit has deteriorated in sectors that account for about 75% of India`s exports to ASEAN. India`s trade deficit with ASEAN countries currently stands at about $24 billion. The Indian government continued its efforts to develop air, land and sea routes to strengthen trade relations with Myanmar, as well as to build a pipeline. Countries also signed a bilateral border agreement on border trade in 1994, which will be implemented from designated points in Manipur, Mizoram and Nagaland. The two countries have mainly cooperated in agriculture, health, education, pharmacy, telecommunications, information technology, steel, oil, natural gas, hydrocarbons and food processing. The agreement excludes the United States, which withdrew from an Asia-Pacific trade pact in 2017. Following the virtual meeting of ASEAN and India economic ministers last month, at which the decision to review the goods trade agreement was reiterated, India continued its urgency with a letter to ASEAN Secretary General Lim Jock Hoi. Although the ASEAN-India Free Trade Agreement has many advantages, India is concerned that the agreement will have several negative effects on the economy.

As has already been said, both regions are trying to reduce their tariffs on a large portion of their traded products. This will allow them to increase market access for their products. However, it is criticized that India is not experiencing as large an increase in market access to ASEAN countries as ASEAN in India. [9] ASEAN`s economies are largely export-oriented and have high export rates to GDP (in 2007, Malaysia had a rate above 100%[10]). [11] Given the above, as well as the global financial crisis and India`s expansionary domestic market, ASEAN countries are eager to consider India as the country of origin for its exports. [11] The RCEP would initially have employed about 3.6 billion people and would account for about one-third of world trade and global GDP.


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4th International Symposium on the Ocean in a High-CO2 World

The Hobart symposium will build on the successful three previous symposia and offers the worldwide community of scientists working to understand ocean acidification opportunities to share their research results and develop new research collaborations.

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