Latest news with #ASEANFreeTradeAgreement
News18
5 days ago
- Business
- News18
India–Philippines Boost Ties: PM Modi & President Marcos Jr Seal Strategic Partnership
India–Philippines Boost Ties: PM Modi & President Marcos Jr Seal Strategic Partnership | ASEAN Push Last Updated: India Videos Philippine President in India | PM Modi says: 'Today, the President and I held extensive talks. We've become strategic partners. Bilateral trade is growing, and the ASEAN FTA review will further boost it.'Prime Minister Narendra Modi and Philippine President Ferdinand Marcos Jr. held wide-ranging talks in New Delhi during Marcos Jr.'s first state visit to India. The two leaders emphasized strengthening strategic cooperation, with a particular focus on defence, trade, and the Indo-Pacific Modi highlighted the growing momentum in bilateral trade and announced that both countries are set to benefit from the ASEAN Free Trade Agreement (FTA) review, which could open new avenues for economic visit also marks 75 years of diplomatic relations between India and the Philippines. With joint naval sails in the South China Sea, discussions around BrahMos missile systems, and a focus on technology, agriculture, and security, this visit is being seen as a significant diplomatic milestone. n18oc_india
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Business Standard
09-07-2025
- Business
- Business Standard
Best of BS Opinion: India's growth story needs harmony, not exits
There are some mornings when you catch a group of teens with mismatched instruments rehearsing in the park. An off-key trumpet, a scratched-up guitar, and sometimes one hesitant drummer. It sounds like noise at first. But wait a few minutes and suddenly, the pieces fall in place. The rhythm kicks in, the melody gels, and something real begins. Not perfect, but promising. That's when the choice appears: sharpen the sound, perfect the sync, or walk away. Let's dive in. India faces that very choice across vastly different stages. The ASEAN Free Trade Agreement which came into force in 2010 and is currently under review, might seem like a discordant alliance to some. Domestic lobbies want out, citing dumped Chinese goods and lagging farm exports. But as our first editorial argues, that's like quitting the band when your mic isn't loud enough. Instead, India should fine-tune the rules, harmonise better with the region, and use the pact as a strategic amplifier in the Indo-Pacific. Then there's the Gini index, a stat that suggests India is one of the world's most equal countries. Cue the applause? Not quite. As our second editorial explains, consumption-based metrics mask deep distortions. Behind the curtain, rural-urban divides blare on like untuned basslines, and state-by-state income variations clash like overlapping tempos. To fix the score, India must orchestrate policies that bridge regions and generate inclusive growth before the dissonance drowns the melody. M Govinda Rao shows Karnataka as a cautionary concert. Bengaluru leads with unicorns and tech gigs, while North Karnataka stays muted, underfed and overlooked. Historical baggage, lopsided investment, and uneven governance have turned one state into two different playlists. It's time policymakers re-tune subsidies and capital flows, and let every region play its own solo. Meanwhile, Ajay Kumar's column on undersea cables reminds us that even backstage tech can make or break a performance. These digital lifelines, vital for India's data-heavy future, are exposed to sabotage and surveillance. Without tighter laws, more repair ships, and Quad-aligned strategy, India's internet symphony risks being cut mid-note. And Devangshu Datta's review of Commanded by Destiny: A General's Rise from Soldier to Statesman by General S M Shrinagesh brings us back to the roots: a soldier-statesman's memoir that echoes with history's crescendos and silent interludes. It's a reminder that enduring legacy, like good music, requires discipline, foresight and knowing when to let each instrument lead. Stay tuned, and remember, because the band's off-sync, don't quit on the song. Just rehearse harder!
India Gazette
23-06-2025
- Business
- India Gazette
Indian industry expresses anguish over slow pace of ASEAN FTA renegotiation
By Shailesh Yadav New Delhi [India], June 24 (ANI): Indian industry is growing increasingly frustrated with the extremely slow progress in renegotiating the ASEAN Free Trade Agreement. Government sources reveal that nine rounds of talks since November 2019 have failed to address fundamental concerns about the lopsided nature of the original deal. Government sources said the sluggish pace of negotiations, originally scheduled to conclude by 2025, has amplified industry anguish over what many consider an unfavourable trade arrangement that has significantly disadvantaged Indian manufacturers and exporters. 'We are reflecting the anguish of Indian industry as the industry is suffering,' a senior government source said. 'The progress in FTA negotiations has been very slow, and this is causing serious concern across various sectors.' The renegotiation efforts have revealed several structural problems with the original ASEAN FTA that have created lasting disadvantages for Indian industry. Most notably, India opened 71 per cent of its tariff lines under the agreement, while key ASEAN partners offered far less reciprocal access--Indonesia opened only 41 per cent, Vietnam 66.5 per cent, and Thailand 67 per cent. The prolonged renegotiation process has left Indian industry in a state of uncertainty, with many sectors continuing to face unfair competition while waiting for more balanced terms. The government's acknowledgement of industry anguish signals a commitment to addressing these long-standing grievances, but the slow pace of talks with ASEAN partners suggests that relief may still be some time away. This asymmetry has raised questions about the original negotiation strategy, particularly given that India had a lower per capita income compared to several ASEAN nations when the deal was signed. The consequences of these imbalances have become starkly apparent over the 15-year lifespan of the agreement. While India's exports to ASEAN doubled during this period, the trade deficit has ballooned by a staggering $86 billion as imports from the ASEAN bloc tripled, creating an unsustainable trade relationship. India is now seeking fairer terms in the renegotiation, citing the rising trade deficit, limited export gains, and uneven tariff cuts that have consistently favoured ASEAN partners over Indian exporters. A major area of concern has been the routing of Chinese goods through ASEAN countries, which has undermined the intended benefits of the FTA for Indian industry. Government sources indicated that concerns are mounting over this practice, along with non-tariff barriers that continue to impede Indian exports to ASEAN markets. The government has been forced to take corrective measures, including imposing anti-dumping duties for the first time and implementing safeguard duties on 12 per cent of relevant imports to protect the domestic industry from unfair competition. The steel sector has been particularly affected, with subsidised goods from third countries being dumped in the Indian market until anti-dumping measures were implemented. The government has also cracked down on steel import dumping through safeguard duties, highlighting that the original FTA lacked crucial provisions like a 'melt-and-pour' clause that could have prevented such practices. (ANI)
