Trade Minister Piyush Goyal also called on Asean to allow reciprocal FTA concessions to import from India in order to correct the trade imbalance in favor of Asean.
By Asit Ranjan Mishra, Livemint, New Delhi
Trade Minister Piyush Goyal on Friday called on the Association of Southeast Asian Nations (Asean) to remove non-tariff barriers (ONT) and curb the abuse of free trade agreements (FTAs) by third parties, often outside the region.
“It is regrettable” that recently “we had to face several restrictive barriers on our exports to ASEAN, in particular in agriculture and the automobile. I think this will only lead to reciprocal action by other countries, including India, and will undermine the long-term desire of our leaders to expand trade between the two countries, ”Goyal said during a briefing. special plenary meeting with regional trade ministers organized by the Confederation. of Indian industry.
Goyal also asked ASEAN to allow reciprocal FTA concessions to import from India in order to correct the trade imbalance in favor of ASEAN.
“India has experienced exponential growth in imports from Asean, while our exports have been hampered by the non-reciprocity of FTA concessions, NTBs, import regulations, quotas and taxes on imports. export of Asean. Such a review will align with contemporary business practices, procedures and regulatory harmonization, ”he said.
He reiterated the importance of fair, equitable, transparent, reciprocal and inclusive trade rather than trade through tariff reductions.
“Let me also point out that if we were to review the Agreement on Trade in Goods between Asia and India (AITIGA), it could really promote trade on both sides, support industry and manufacturing of two sides and help us support each other to become truly modern, progressive economies, ”he said. “Despite the increase in trade, we have not reached the target of 200 billion dollars that India and ASEAN should reach by 2022,” said Goyal.