India, ASEAN endorse scope of review of trade pact: Commerce Ministry

Trade ministers of India and 10-nation bloc ASEAN have endorsed the scope of review of the trade pact to make the agreement more industry friendly, the commerce ministry said on Friday.

The issue was discussed during the 19th ASEAN-India Economic Ministers’ meeting in Siem Reap City, Cambodia.

The review would make the agreement modern with contemporary trade facilitative practices, and streamlined customs and regulatory procedures.

“The ministers endorsed the scope of the review of the ASEAN-India trade in goods agreement to make it more user-friendly, simple, and trade facilitative for businesses, as well as responsive to the current global and regional challenges including supply chain disruptions,’ it said.

The ministers also activated a joint committee to undertake the review of the agreement expeditiously.

The Association of Southeast Asian Nations (ASEAN)-India trade in goods agreement was signed on August 13, 2009 and came into force on January 1, 2010.

Ten ASEAN countries are — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Minister of State for Commerce and Industry Anupriya Patel along with Pan Sorasak, Minister of Commerce, Cambodia, co-chaired the meeting.

The two-way trade has reached USD 91.5 billion in 2021, 39.2 per cent up from 2020.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

supply hyperlink

What do you think?

Written by admin

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Duleep Trophy: Ambulance In Ground As Bowler’s Wild Throw Hits Venkatesh Iyer On The Head

Ex South Africa Opener Suggests How Babar Azam Can Improve Strike Rate