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The Hindu
a day ago
- Business
- The Hindu
Indian-ASEAN officials to meet beginning August 11 for ASEAN Trade in Goods Agreement review
As India braces for the impact of U.S. tariffs of 25% that went into effect from August 7, the government is seeking to shore up other trade negotiations, including with ASEAN countries beginning Monday (August 11, 2025) in New Delhi. A delegation of the 10-nation ASEAN, or the Association of South East Asian Nations, will hold talks with Commerce Ministry officials from August 11-14, sources confirmed, for the next round of talks on a review of the ASEAN-India Trade in Goods Agreement (AITIGA). The talks come two months after Commerce and Industries Minister Piyush Goyal called the 2009 agreement 'silly' as it gave India's Asian competitors easy access to its markets, a comment that led to speculation that India was planning to pull out of the agreement. The comment also caused some outrage amongst ASEAN members, as he referred to them as the 'B-team of China', referring to India's concerns over Chinese goods flooding the market via these countries. However, in July, after a meeting between Prime Minister Narendra Modi and Malaysian PM Anwar Ibrahim, who is chairing the ASEAN Summit this year, as well as a meeting between Mr. Goyal and Malaysian Minister of Investment, Trade & Industry Tzafrul Aziz, the two sides agreed to 'fast-track' the AITIGA review to be completed by the end of this year. In addition, officials are preparing for a possible visit by Mr. Modi to Kuala Lumpur for the ASEAN-India Summit and East Asia Summit, at the end of October. On Friday, Mr. Ibrahim announced that he 'looks forward to welcoming' ASEAN leaders and dialogue partners, including United States President Donald Trump and Chinese President Xi Jinping, although China normally attends ASEAN Summits at the level of Premier. The push for a quick end to AITIGA review talks, amongst a number of other trade agreement negotiations the government is pursuing with the European Union, Australia and New Zealand, has been given further impetus by the slapping of 25% additional penalties on India by the U.S. last week. Although the government still hopes to continue negotiations with the U.S. for a free trade agreement, it is studying the impact of the tariffs, particularly as its export rivals in Asia, especially ASEAN countries, have received lower rates from the U.S., of around 19%. Government sources and ASEAN diplomats said that although nine rounds of talks in the past year with ASEAN officials have not produced a breakthrough yet, they are hopeful of some movement this week. 'There has been very little headway so far in reviewing the agreement with ASEAN. We are trying to address the fact that, under the existing deal, our imports have grown far in excess of our exports to these countries. A good deal needs to have balance,' a source told The Hindu. Data with the Ministry of Commerce and Industry show the trade balance between India and the ASEAN grouping has been turning increasingly unfavourable for India over the years. In 2017-18, the earliest year for which the Ministry has made data available, India's exports to the ASEAN countries stood at $34.2 billion while imports from the ASEAN countries were $47.1 billion, leading to a trade deficit of $12.9 billion. As of 2024-25, India's exports to the ASEAN countries grew at an average annual rate of 1.7%, to $39 billion. Imports, on the other hand, grew at 7.5% on average every year, to $84.2 billion by 2024-25. The trade deficit swelled to $45.2 billion last year. Apart from the 'rules of origin' issue vis-à-vis Chinese goods, India has also raised the inequality in tariff lines opened, where India opened up about 71% of its lines, while ASEAN countries offered considerably less, including Indonesia at just 41%. ASEAN countries comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam also led the effort for the Regional Comprehensive Economic Partnership (RCEP), a 15-nation FTA, from which India walked out in 2019.
Web Release
01-08-2025
- Business
- Web Release
HE Dr Al Zarooni Signing the MoU with the Minister of Commerce and Industries in Panama
World FZO Brings its 12th World Congress to Panama in 2026 HE Dr Al Zarooni Signing the MoU with the Minister of Commerce and Industries in Panama
Web Release
01-08-2025
- Business
- Web Release
World FZO Brings its 12th World Congress to Panama in 2026
The World Free Zones Organization announced the signing of a Memorandum of Understanding with the government of Panama to host the 12th annual World FZO's World Congress in the country's capital, Panama City, in July 2026. The MoU was signed by His Excellency Dr. Mohammed AlZarooni, Chairman of the World FZO, and His Excellency Julio Molto', Minister of Commerce and Industries at the Government of the Republic of Panama, in the presence of senior officials from both sides. The announcement was made during an official visit led by Dr. AlZarooni to Panama City, where he met with His Excellency José Raúl Molino Quintero, President of the Republic of Panama. On the sidelines of the visit, the delegation toured key sites in Panama, including the Colón Free Trade Zone, PANAPARK Free Zone, and the Panama Canal. Under the MoU, both parties will collaborate to deliver a high-caliber edition of the World FZO World Congress, that convenes decision-makers, freezone leaders, and investors from more than 100 countries, in addition to attracting major economic institutions from around the world. The event is expected to strengthen Panama's global standing as a hub for trade and logistics and enhance its visibility on the international investment map. H.E. Dr. AlZarooni, said: 'World FZO is committed to forging strategic partnerships that enhance the role of freezones as drivers of global growth, based on the importance of developing platforms for international dialogue and cooperation to keep up with the major shifts taking place in the global economy. Our cooperation with the government of Panama represents a key milestone in our efforts to outreach to Latin American markets and strengthen cooperation with governments and economic institutions in this vital region.' HE Julio Molto', said: 'Hosting the Congress represents a strategic step that highlights Panama's position as a global investment gateway and opens new prospects for regional cooperation, technology, and investment. We are committed to providing all necessary elements to ensure the success of this crucial event, in cooperation with the Organization. We value our partnership with World FZO and look forward to leveraging its extensive experience in the development and administration of freezones internationally, which will enhance the competitiveness of Panama's business environment and open our economy to global markets.' This announcement comes as preparations continue for the 11th World FZO Congress, set to take place in Hainan province, China, from 10–12 October 2025, held with the Hainan International Economic Development Bureau. The back-to-back hosting of the Congress in both China and then Panama reflects the growing momentum of the World FZO on the international stage. .The World FZO World Congress is the world's premier gathering of freezone leaders, government officials, investors, and trade experts. It gathers more than 1,500 delegates from over 100 countries, bringing together a select group of decision-makers, and high-level representatives from global industry, trade, and investment sectors.
Mid East Info
31-07-2025
- Business
- Mid East Info
World FZO Brings its 12th World Congress to Panama in 2026 - Middle East Business News and Information
The World Free Zones Organization announced the signing of a Memorandum of Understanding with the government of Panama to host the 12th annual World FZO's World Congress in the country's capital, Panama City, in July 2026. The MoU was signed by His Excellency Dr. Mohammed AlZarooni, Chairman of the World FZO, and His Excellency Julio Molto', Minister of Commerce and Industries at the Government of the Republic of Panama, in the presence of senior officials from both sides. The announcement was made during an official visit led by Dr. AlZarooni to Panama City, where he met with His Excellency José Raúl Molino Quintero, President of the Republic of Panama. On the sidelines of the visit, the delegation toured key sites in Panama, including the Colón Free Trade Zone, PANAPARK Free Zone, and the Panama Canal. Under the MoU, both parties will collaborate to deliver a high-caliber edition of the World FZO World Congress, that convenes decision-makers, freezone leaders, and investors from more than 100 countries, in addition to attracting major economic institutions from around the world. The event is expected to strengthen Panama's global standing as a hub for trade and logistics and enhance its visibility on the international investment map. H.E. Dr. AlZarooni, said: 'World FZO is committed to forging strategic partnerships that enhance the role of freezones as drivers of global growth, based on the importance of developing platforms for international dialogue and cooperation to keep up with the major shifts taking place in the global economy. Our cooperation with the government of Panama represents a key milestone in our efforts to outreach to Latin American markets and strengthen cooperation with governments and economic institutions in this vital region.' HE Julio Molto', said: 'Hosting the Congress represents a strategic step that highlights Panama's position as a global investment gateway and opens new prospects for regional cooperation, technology, and investment. We are committed to providing all necessary elements to ensure the success of this crucial event, in cooperation with the Organization. We value our partnership with World FZO and look forward to leveraging its extensive experience in the development and administration of freezones internationally, which will enhance the competitiveness of Panama's business environment and open our economy to global markets.' This announcement comes as preparations continue for the 11th World FZO Congress, set to take place in Hainan province, China, from 10–12 October 2025, held with the Hainan International Economic Development Bureau. The back-to-back hosting of the Congress in both China and then Panama reflects the growing momentum of the World FZO on the international stage. The World FZO World Congress is the world's premier gathering of freezone leaders, government officials, investors, and trade experts. It gathers more than 1,500 delegates from over 100 countries, bringing together a select group of decision-makers, and high-level representatives from global industry, trade, and investment sectors.
New Indian Express
27-07-2025
- Business
- New Indian Express
Trade talks with US making 'fast progress': Commerce minister Goyal
NEW DELHI: Talks on the India-US trade deal is progressing fast, Union Minister of Commerce and Industries Piyush Goyal said on Saturday. Negotiations are at an advanced stage with Oman as well, while with the European Union and US, they are making fast progress, he said. Goyal, however, refused to give any timeline for the completion of the trade deal even as US President Donald Trump's extended August 1 deadline for imposition of the reciprocal tariff is less than a week away. According to commerce ministry sources, a delegation of US negotiators is likely to come to India in the second half of August for talks on the Bilateral Trade Agreement (BTA). India faces a 26% reciprocal tariff if there is no trade deal by August 1. Goyal said that the India-UK trade agreement serves as a doorway for India to engage with the developed world. He said that unlike past FTAs under the UPA government, which were often signed with direct competitors like ASEAN nations, the Modi government has focused on FTAs with complementary economies like Mauritius, Australia, UAE, and the EFTA bloc (Switzerland, Norway, Liechtenstein, Iceland). 'The business opportunities, the quality and cost competitiveness of Indian goods and services, the demographic dividend of our young and aspirational population, the rule of law, and the strength of our democracy all make India a preferred global partner,' he said.
