Latest news with #JWGTI
Mint
a day ago
- Business
- Mint
India deepens trade links with Singapore, Asean, amid US tariff headwinds
New Delhi: India is strengthening its economic engagement across Asia, holding trade talks with Singapore and the Association of Southeast Asian Nations (Asean) to expand market access, update trade agreements and enhance cross-border connectivity. The outreach comes as New Delhi braces for the impact of recently announced US reciprocal tariffs on a range of Indian goods, a move that could pressure export earnings in one of the country's largest markets. The measures have also sharpened the government's focus on diversifying trade relationships and deepening ties with fast-growing Asian partners. The commerce ministry said on Friday that India had, a day earlier, hosted the 4th meeting of the India-Singapore Joint Working Group on Trade & Investment (JWGTI), where senior officials discussed trade facilitation, investment promotion, supply-chain resilience and regulatory streamlining. The talks, co-chaired by Rajesh Agrawal, India's special secretary in the commerce department, and Beh Swan Gin, Singapore's permanent secretary for trade and industry, came as the two countries marked 60 years of diplomatic relations and 20 years of their Comprehensive Economic Cooperation Agreement (CECA). The JWGTI followed a ministerial roundtable between the two nations a day earlier, reinforcing Singapore's role as a regional trade and investment hub and India's position as one of the fastest-growing large economies, the commerce ministry said. 'Discussions during the JWGTI focused on deepening bilateral trade and investment ties, identifying priority sectors for greater alignment, improving logistics and supply chains, streamlining regulatory frameworks, and exploring ways to facilitate cross-border trade,' it added. At the same city, from 10 to 14 August, India hosted the tenth meeting of the Asean-India Trade in Goods Agreement (AITIGA) joint committee, alongside seven sub-committee sessions aimed at updating the 15-year-old pact. Co-chaired by Nitin Kumar Yadav, India's additional secretary in the commerce department, and Mastura Ahmad Mustafa, Malaysia's deputy secretary general for trade, the discussions built on eight previous negotiating rounds. The review aims to make AITIGA more effective, accessible, and conducive to trade, with technical discussions covering customs procedures, market access, sanitary and phytosanitary measures, rules of origin, technical standards, and trade remedies, the commerce ministry said. To be sure, the Asean bloc and Singapore remain key trading partners for India. In FY25, India's goods exports to Asean, of which Singapore is a member, fell 5.45% year-on-year to $38.96 billion, while imports rose 5.64% to $84.16 billion, according to commerce ministry data. The next AITIGA joint committee meeting will be held on 6-7 October at the Asean Secretariat in Jakarta, Indonesia, with Malaysia as the host. According to the data, Singapore is India's largest trading partner within Asean, with total bilateral trade of $34.26 billion during 2024-25. It is also India's second-largest source of foreign direct investment, with equity inflows of $163.85 billion ( ₹ 11.24 trillion) between April 2000 and July 2024, accounting for about 24% of India's cumulative inflows.
Time of India
a day ago
- Business
- Time of India
India-Singapore economic ties: 4th joint working group meet reviews trade, explores new sectors; milestone year for partnership
India and Singapore held the fourth meeting of their Joint Working Group on Trade & Investment (JWGTI) at Vanijya Bhawan in New Delhi on Thursday, focusing on ways to deepen economic cooperation and identify fresh areas of collaboration. The meeting came a day after the third India-Singapore Ministerial Roundtable, marking a week of intensive bilateral engagement. Ministry of Commerce & Industry in a statement said the talks centred on expanding trade and investment links, aligning priority sectors, improving logistics and supply chain efficiency, simplifying regulations, and boosting cross-border trade facilitation. Progress in existing collaborations—such as work in the semiconductor sector and the digitalisation of trade processes—was reviewed, while new opportunities in skills development, capacity building, and emerging industries were explored, according to ANI. The discussions were co-chaired by Rajesh Agrawal, Special Secretary in the Department of Commerce, and Beh Swan Gin, Permanent Secretary at Singapore's Ministry of Trade and Industry. Agrawal noted that the partnership has moved beyond traditional trade frameworks, offering 'ample opportunities' for future cooperation. This year marked the 60th anniversary of diplomatic ties and the 20th anniversary of the Comprehensive Economic Cooperation Agreement (CECA)—India's first comprehensive trade pact with any nation and Singapore's first such agreement with a South Asian country. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like These 11 Everyday Foods Might Be the Key to Knee Pain Relief Undo Singapore remains India's largest trading partner within ASEAN, with bilateral trade touching $34.26 billion in 2024-25. It is also the second-largest source of Foreign Direct Investment into India, contributing $163.85 billion (about Rs 11,24,509.65 crore) in equity inflows between April 2000 and July 2024, accounting for roughly 24% of cumulative FDI inflows. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Economic Times
a day ago
- Business
- Economic Times
Next round of India-ASEAN goods pact review in October
The next round of review talks for the ASEAN–India Trade in Goods Agreement (AITIGA) will be held onOctober 6-7 this year in Jakarta, the government said Friday. The tenth round of the negotiations concluded in New Delhi from August 10-14. The commerce and industry ministry said that the Joint Committee focused on advancing the ongoing review of the pact to enhance its effectiveness, accessibility, and trade facilitation capabilities. 'The discussions built on the progress achieved through eight active rounds of negotiations,' it said, adding that delegates from all ten ASEAN Member States — Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam — participated. ASEAN accounts for around 11% of India's global trade.'Bilateral trade reached $123 billion in FY25, reflecting the strong economic ties between the two sides and creating opportunities for enhanced cooperation in the years ahead,' it a separate statement, the ministry said that India and Singapore reviewed the ongoing collaboration in semiconductor sector and digitalisation of trade, and explored potential partnerships in skills development and capacity issues were taken up at the fourth meeting of the India-Singapore Joint Working Group on Trade and Investment (JWGTI) which was held on August 14 in New Delhi. 'The discussions focused on identifying priority sectors for greater alignment, improving logistics and supply chains, streamlining regulatory frameworks and exploring ways to facilitate cross-border trade,' the ministry said. Singapore is India's largest trading partner within ASEAN, with total bilateral trade of $34.26 billion during FY25. It is also India's second-largest source of foreign direct investment with equity inflows of $163.85 billion between April 2000 and July 2024, accounting for about 24% of India's total inflows.
