Indian official calls for renegotiation of India-ASEAN FTA

Indian commerce and industry minister Piyush Goyal on October 8 called for a renegotiation of the India-ASEAN free trade agreement (FTA) to prevent its misuse by third parties and pushed for a removal of trade and non-tariff barriers that have hurt Indian exports, reported The Economic Times.

Indian official calls for renegotiation of India-ASEAN FTA hinh anh 1Indian commerce and industry minister Piyush

Addressing an event organised by the Confederation of Indian Industry, he said in the recent past, India had to deal with several restrictive barriers on its exports in the ASEAN region, particularly in the agricultural and auto sectors.

“I think there is a need for re-negotiating the existing trade relationship, trade barriers, relooking at our FTA with ASEAN and focusing on new rules to eliminate the misuse of the FTA, eliminating non-tariff barriers, and that can ultimately lead to building confidence on both the sides to reduce tariffs for inter-ASEAN and India trade,” he said.

Goyal also said that India has a big role to play to mitigate global health risks in future as 70 percent of global vaccines are now produced here.

India assures ASEAN full cooperation in generic drug manufacturing, the official noted, adding that there is an opportunity for collaboration in pharmaceutical production, including vaccines, and capacity building between the sides.

On the underdeveloped infra and connectivity in the region, he said that nine of the 10 ASEAN nations touch the sea, therefore this region has potential to become a major hub of port logistics./.

VNA