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Business Standard
6 days ago
- Business
- Business Standard
Narendra Modi, Marcos unveil strategic push in Indo-Pacific theatre
India and the Philippines on Tuesday signed nine agreements, including a declaration establishing a strategic partnership, as well as terms of reference for talks between their respective armed forces and cooperation on the peaceful use of outer space. The strategic partnership was announced following talks in New Delhi between Prime Minister Narendra Modi and visiting Philippine President Ferdinand R Marcos Jr. The meeting came just a day after the Indian and Philippine navies wrapped up two days of joint exercises near the contested Scarborough Shoal in the South China Sea -- a region that remains a flashpoint in the long-running maritime dispute between Beijing and Manila. 'India and the Philippines are friends by choice and partners by destiny,' Modi said, standing alongside Marcos Jr. 'From the Indian Ocean to the Pacific, we are united by shared values. Ours is not just a friendship of the past; it is a promise to the future.' He added that maritime cooperation between the two nations was 'both natural and essential' for countries with strong seafaring traditions. Later, at a media briefing, P Kumaran, secretary (east) in the Ministry of External Affairs, reiterated India's long-held position on the South China Sea, describing it as 'clear and consistent', and emphasising New Delhi's 'abiding interest' in peace and stability in the region, which it views as part of the global commons. He also confirmed discussions are under way on developing submarine infrastructure in the Philippines. Modi said bilateral trade has been growing steadily and had recently crossed $3 billion. 'To further strengthen trade ties, it is our priority to review the India-Asean free-trade agreement at the earliest,' he said. 'We have also decided to work towards a bilateral preferential trade agreement.' India has also extended a one-year, gratis e-tourist visa facility to Filipino nationals. Marcos said the two countries had 'agreed to continue levelling up our collaboration in defence and security,' and pointed to India's growing defence manufacturing capabilities as a potential contributor to the Philippines' military modernisation. 'We will foster naval and coast guard interoperability via port calls, cooperative activities and capacity building in the maritime domain,' he said. India and the Philippines share strategic concerns over Beijing's growing assertiveness in the Indo-Pacific. Manila continues to face off with China over territorial claims in the South China Sea. Philippine military chief Romeo Brawner Jr has previously said Manila is considering further weapons procurements from India. The Philippines has already acquired a shore-based anti-ship missile system from BrahMos Aerospace in an 18.9 billion peso ($329 million) deal aimed at strengthening its coastal defences. Modi said the strategic partnership would pave the way for deeper engagement between their respective armed forces. He described the Philippines as an 'important partner' in India's Act East Policy and its MAHASAGAR (Mutual and Holistic Advancement for Security and Growth Across Regions) vision. 'We are committed to peace, security, prosperity and a rules-based order in the Indo-Pacific region. We support freedom of navigation in accordance with international laws,' the PM said. Under India's development partnership initiative, Modi said New Delhi would expand the number of Quick Impact Projects in the Philippines and collaborate on developing sovereign data cloud infrastructure. 'Today, while the President is in India, three ships of the Indian Navy are participating in a naval exercise in the Philippines for the first time,' he added. The PM also highlighted the role of Indian companies operating in the Philippines across sectors including digital technology, health, automotive, infrastructure, and minerals.
Hindustan Times
17-07-2025
- Business
- Hindustan Times
Spike in imports raises trade diversion concerns
NEW DELHI: India has initiated investigations into an unusual spike in a month in imports of over a dozen products from countries including China, Malaysia, Indonesia, Bangladesh and Nepal, even as the world witnesses large-scale trade diversion because of the US tariff barriers, government officials said. The world's largest container ship, MSC IRINA, is berthed at Vizhinjam port in Thiruvananthapuram, on June 9, 2025. (AP FILE) At least 14 products are under the scanner, including different chemicals, steel tubes, various types of glasses, jute items and paperboards, said a commerce ministry official who asked not to be named. 'Industry bodies, sectoral ministries and government agencies are on high alert to report any unusual import surge due to trade diversion. Based on their inputs, the government will conduct an investigation and take remedial action immediately to protect domestic units,' he added. There has been a sharp 35% decline in Chinese exports to its biggest market, the US in May after the Trump administration announced ' Liberation Day' tariffs from April 5. Despite that China's total exports saw a positive growth, raising suspicion that some of its America-bound merchandise is now being diverted to other markets, a second official said. Prime facie, most of these merchandise originate from China and are shipped via those countries that have favourable trade relationship with India, this person added, requesting anonymity. 'For example, there is an import surge of textured tempered coated and uncoated glass from Malaysia and virgin multi-layered paperboard from Indonesia. It is suspected that some of them originated in China and entered India through Asean FTA.' The Asean-India Trade in Goods Agreement (AITIGA), signed by the then commerce minister Anand Sharma on August 13, 2009, has become a sore point between India and the 10-member block Association of Southeast Asian Nations (Asean). After finding that India-Asean trade deficit surged post AITIGA from from a mere $5 billion in 2010-11 to $43.57 billion in 2022-23, the Modi government has insisted on review of its terms, such as rules of origin (ROO). Negotiations are still on between the two parties despite nine rounds of meetings. 'Talks are progressing in a positive direction and we expect to resolve all issues by the end of this year,' a third official with direct knowledge of the matter said. The 10th round of India-Asean review talks is expected to be held in New Delhi in mid-August. The matter could be resolved by October when a final round (the 11th) of talks will take place in Malaysia, he added. While plugging loopholes in old trade agreements such as the FTA with Asean is a medium-term objective, India is also taking anti-dumping measures against any large-scale trade diversions to India, the second official said. 'The commerce ministry is providing data and information on a regular basis to line ministries to ascertain any surge in imports.' The ministry of commerce and industry plans to launch a monthly 'Global Trade Watch' soon, focusing on product-specific and country-specific trade strategy, the first official said. The monthly report will be circulated within the ministry from next month so that they will factor-in global opportunities and threats and monitor any unusual import surge in their respective domains, he said. Meanwhile, the Directorate General of Trade Remedies (DGTR), the erstwhile Directorate General of Anti-dumping and Allied Duties, has already initiated anti-dumping investigation on imports of thermoplastic polyurethane-based paint protection files, Broms OTBN, and para-tertiary butyl phenol coming from China.
Time of India
10-07-2025
- Business
- Time of India
India, ASEAN to work on ‘mutually beneficial' FTA
KUALA LUMPUR: Asean foreign ministers have reaffirmed their support for an early and satisfactory review of the agreement for goods trade with India, amid pressure from New Delhi to ensure a modern and more equitable treaty. A video call between commerce and industry minister Piyush Goyal and Malaysia's minister of investment, trade and industry (MITI) Zafrul Aziz ahead of the India-Asean post ministerial conference at the 58th ASEAN Foreign Ministers' Meeting (AMM) and Related Meetings set the tone for re-energized talks. Earlier, in a post on X, Zafrul stated that enhancing the agreement was the focus of his discussion as the chairman of Asean Economic Ministers with Goyal. 'Malaysia, as the Asean chair for 2025, is committed to upgrading and modernizing AITIGA to reflect current realities and ensure it remains relevant and mutually beneficial. Together, let's elevate ASEAN-India economic relations to new heights,' he said. Goyal, who had last month come under fire for calling the FTA 'silly' as it was a conduit for cheap Chinese products, also came on X to share that he had a 'productive' meeting with the Malaysian minister and 'discussed ongoing review of AITIGA and addressing its challenges therein.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Upto 15% Discount for Salaried Individuals ICICI Pru Life Insurance Plan Get Quote Undo In his opening remarks, minister of state for external affairs Pabitra Margherita, who is attending the post-ministerial conference at the Summit, said: 'For India, Asean is the cornerstone of its Act East Policy and the Indo-Pacific vision and India firmly supports Asean unity and Asean centrality.' He also stated, 'with support from our Asean partners, we achieved 100% implementation of the Asean-India plan of action 2021-2025. ' 'The discussions at the foreign ministers meet was constructive and in fact Asean and India have adopted the Plan of Action 2026-30. To strengthen the strategic partnership we must look at this relationship in a comprehensive manner. PM Modi himself has participated 11 times in ASEAN India summits since 2014, and this engagement as policy has got translated into trade, investment, people to people linkages and boosted the civilizational connect,' Jayant Khobragade, ambassador, India's Mission to ASEAN, Jakarta told TOI. Tourism between the two regions has got a new momentum with 2025 being marked as the Asean-India Year of Tourism and India supporting the Tourism Work Plan 2023-2027 with $US 5 million. 'Air connectivity between Philippines and India is starting soon, and now only Laos is left in the Asean bloc,' he added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
10-07-2025
- Business
- Business Standard
Piyush Goyal discusses India-Asean trade pact review with Malaysia
Commerce and Industry Minister Piyush Goyal on Thursday said that discussions are underway with the Association of Southeast Asian Nations (Asean) regarding the ongoing review of their existing trade pact, focusing on the challenges that persist. The discussion took place during a meeting between Goyal and his Malaysian counterpart, T Zafrul Aziz. Malaysia is also India's permanent coordinator from Asean on economic matters. Asean comprises Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Both ministers also discussed the need to fast-track talks to ensure 'fair trade' practices and advance discussions on a comprehensive trade pact between India and individual ASEAN nations. The meeting assumes significance as the pace of the review of the India-Asean trade deal has been slow. In August 2023, both sides had announced the aim to complete the review of the existing agreement in goods between the two regions by 2025. India has for more than half a decade flagged the need for an urgent review of the trade agreement, as imports from Asean nations grew at a much faster pace compared to exports from India. The Indian industry has also been seeking fair and equal market access across all Asean nations. In the past, Goyal had called the trade deal between India and Asean 'ill-conceived' and 'unfair' to the Indian industry. In an interview with Business Standard last year, the minister had said that India may consider taking retaliatory measures if non-trade barriers imposed by the Asean grouping are not addressed as part of the ongoing review of the trade deal. The idea behind the review was also to modernise the agreement and upgrade it with changing times, as the trade deal was signed over a decade ago. Both sides also want the agreement to be more user-friendly and trade-facilitative, considering that the utilisation rate of regional trade agreements has been low. During FY25, India exported goods worth $38.96 billion, down 5.7 per cent year-on-year, while imports grew by 5.6 per cent to $84.16 billion, according to government data.
Hindustan Times
07-07-2025
- Business
- Hindustan Times
Brics Summit: India, Malaysia review bilateral cooperation in trade, investment
The review of the India-Asean free trade agreement and bilateral cooperation in areas ranging from trade and investment to defence figured in a meeting between Prime Minister Narendra Modi and Malaysian counterpart Anwar Ibrahim on the margins of the Brics Summit in Rio de Janeiro. PM Modi congratulated Malaysia for its successful stewardship of Asean. (AFP photo) The two leaders reviewed progress in bilateral ties since Anwar's visit to India in August 2024, including in trade, investment, defence, education, healthcare, tourism and people-to-people contacts, the external affairs ministry said after the meeting late on Sunday. Modi congratulated Malaysia for its successful stewardship of Asean and welcomed the country's support for a strengthened Asean-India comprehensive strategic partnership, including the 'early and successful completion of the review of the Asean-India FTA', the ministry said. India has been concerned about the lack of progress in nine rounds of negotiations held so far to review the Asean-India Trade in Goods Agreement (AITIGA). The Indian side believes the pact's weak provisions for rules of origin have led to dumping of Chinese-made goods through some of the 10 member states of Asean. The next round of negotiations will be held in August. Modi also thanked Anwar for his strong condemnation of the Pahalgam terror attack, and the leaders discussed cooperation in regional security and the multilateral arena. Modi held a separate meeting with Cuban President Miguel Diaz-Canel Bermudez on the margins of the Brics Summit to review bilateral ties in economic cooperation, development partnership, fintech, capacity building, science and technology, disaster management and healthcare. Also Read: PM Modi thanks Malaysia, Cuba for condemning Pahalgam terror attack: MEA Diaz-Canel acknowledged India's expertise in the digital domain and expressed interest in the country's digital public infrastructure and Unified Payment Interface (UPI) digital payment system, the external affairs ministry said. Modi proposed Cuba should recognise Indian pharmacopoeia, which will lead to the Cuban national healthcare system having access to Indian generic medicines. The two leaders also agreed to work on issues of concern to the Global South, including health, pandemics and climate change. Modi also had pull-asides with South Africa's President Cyril Ramaphosa and Vietnam's Prime Minister Phạm Minh Chinh.
