(Video) Rajya Sabha TV (RSTV) The Big Picture: India-ASEAN FTA

Topic: India-ASEAN FTA

Guest:

Shiv Shankar Mukherjee, (Former Ambassador)
Rajendra Harshe, (Visiting Professor, Department of International Relations, South Asian University)
Geethanjali Nataraj, (Professor of Applied Economics, Indian Institute of Public Administration)

Topic Description:

India and the 10-member ASEAN have agreed to initiate a review of the bilateral free trade agreement (FTA) in goods to make it “more user-friendly, simple and trade facilitative”. India is not happy about the fact that its trade deficit with ASEAN has widened significantly since the pact was implemented in January 2010. A NITI Aayog study reveals that India’s trade deficit with ASEAN doubled to $10 billion in 2017 from $5 billion in 2011. A review of the India-ASEAN FTA could help improve utilisation in India by making the pact simpler and more user-friendly. In the joint statement, the Ministers welcomed the recommendations of the ASEAN-India Business Council to further promote the potential of bilateral trade through the utilisation of the ASEAN-India FTA as well as cooperation in some areas of mutual interest, such as financial technology, connectivity, start-ups and innovation, empowerment of youth, and women and MSME development.