FTA / GATT

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Foreign ministers call for Asean and India to press on with economic integration


SINGAPORE - Foreign Minister Vivian Balakrishnan on Sunday (Jan 7) called for Asean and India to press on with economic integration, pointing out that a massive trade pact in the works offers opportunities never before seen in history.
The Regional Comprehensive Economic Partnership (RCEP) between Asean and six of its key partners, including India, is a historic opportunity to set up the world's largest trade bloc, he said.
If it comes to fruition, the RCEP would cover half of the world's population and a third of its gross domestic product.

"Economic integration is not just a mantra, but it is crucial for the mutual prosperity of the citizens of India and of Asean," said Dr Balakrishnan on the second day of the Asean-India Pravasi Bharatiya Divas conference.
The conference marks 25 years of dialogue partnership between the regional bloc and India, and this year was hosted by Singapore, the Asean chair.
Both Dr Balakrishnan and his Indian counterpart Sushma Swaraj on Sunday spoke about the enormous potential for cooperation between Asean and India.
Dr Balakrishnan said that much of this potential was still untapped.
For instance, the Indian consumer market was expected to be the world's fifth-largest by 2025, and Asean would be the fourth-largest single market in the world by 2030.
But India today accounts for only 2.6 per cent of Asean's total trade and 3 per cent of tourist arrivals to the region, said Dr Balakrishnan.
"There is huge potential for growth in trade, tourism and many other fields," he added.
To grow Asean's ties with India, Dr Balakrishnan suggested more affordable flights, to encourage more businessmen and tourists to travel.
Smart cities in India and Asean could also connect with each other in a smart cities network, said the minister, who also called for better digital connectivity.
Ms Swaraj said that economic, political and cultural ties between India and each South-east Asian country was growing.
India's trade agreements with the Asean region were also one of the most ambitious of any region, she added.
She said: "For India, Asean leadership and centrality is central to peace and prosperity for a rapidly-changing Indo-Pacific region."
Both foreign ministers on Sunday also outlined threats to global order from changes in geopolitics, that they said Asean and India could tackle together.
Ms Swaraj said that Asean and India must work together to meet several common challenges.
These included creating skills for a digital age, generating jobs in an age of disruption, and meeting the needs of rapid urbanisation.
Biodiversity must also be protected and energy sources made cleaner, she added.
Dr Balakrishnan said the world is currently undergoing "a twin revolution of technolgy and a change of the geostrategic balance".
Asean and India could work together to uphold a world characterised by interdependence, cooperation, integration and mutual respect, he said.

He added: "If India and the other superpowers agree to construct an interdependent world, to lower barriers and build more bridges, then a new golden age awaits us. That is the strategic choice that confronts all of us."


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20/12/2017
Indian govt preparing standard procedure for FTA
The Government of India is preparing a standard operating procedure that will be followed while entering into any new free trade agreement (FTA), Union minister of commerce and industry Suresh Prabhu has said. Besides the European Union, the Indian government is currently in discussion with the Canadian and Australian governments for FTA.

“When we talk of FTA there are always trade-offs...as a country we have to find how a trade-off can benefit us,” Prabhu said at an event organised by the Apparel Export Promotion Council (AEPC).

Source: http://www.fibre2fashion.com/news/textiles-policy-news/indian-govt-preparing-standard-procedure-for-fta-239672-newsdetails.htm

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19/12/2017
ASEAN free trade pact: House panel calls for better access to Indian goods

https://www.pressreader.com/india/the-hindu-business-line/20171219/281663960365845

If India wants to address issue of unemployment, revision of model BIT is a must
The Feldman vs Mexico tribunal also refused to consider the right to receive VAT refund on the basis of expropriation, instead it considered the same under ‘national treatment.’

http://www.financialexpress.com/opinion/if-india-wants-to-address-issue-of-unemployment-revision-of-model-bit-is-a-must/980585/


India to host meeting of 30-40 WTO members in February

Read more at:
//economictimes.indiatimes.com/articleshow/62125371.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst


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India, Russia discuss strategy to boost trade & investments.

New Delhi: India and Russia have discussed ways to boost bilateral trade and investments to strengthen economic ties, the commerce ministry said on Friday. Commerce and Industry Minister Suresh Prabhu met Russia's Minister for Economic Development Maxim Oreshkin in Moscow on Thursday and discussed the current level of trade between the countries and ways for its enhancement. "They also discussed opportunities that the fast growing economy of India provides for doing business, particularly in the field of manufacturing," the ministry said in a statement...

Read more at: http://www.millenniumpost.in/business/india-russia-discuss-strategy-to-boost-trade-investments-271612



New Delhi: India and Russia have discussed ways to boost bilateral trade and investments to strengthen economic ties, the commerce ministry said on Friday. Commerce and Industry Minister Suresh Prabhu met Russia's Minister for Economic Development Maxim Oreshkin in Moscow on Thursday and discussed the current level of trade between the countries and ways for its enhancement. "They also discussed opportunities that the fast growing economy of India provides for doing business, particularly in the field of manufacturing," the ministry said in a statement.

Read more at: http://www.millenniumpost.in/business/india-russia-discuss-strategy-to-boost-trade-investments-271612


Policies can't just be framed within four walls of Ministry: Suresh Prabhu
Union Minister Suresh Prabhu today said trade policies cannot be formulated just within the four walls of the Ministry and that there must be an outreach to more agencies.
PTI @moneycontrolcom

Source: http://www.moneycontrol.com/news/economy/policies-cant-just-be-framed-within-four-walls-of-ministry-suresh-prabhu-2441985.html

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Breach in the pact

On GATT’s 70th anniversary, globalisation faces a challenge fromits chief architect, the U.S.

 Link: http://www.thehindu.com/todays-paper/tp-opinion/breach-in-the-pact/article20000854.ece

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 India – EAEU free trade agreement negotiations to begin soon: DIPP

The Secretary observed that India’s trade with the EAEU Region is barely USD 8.4 billion and this is well below potential. It is for this reason that India and the EAEU had decided to set up a Joint Feasibility Study Group on the India – EAEU FTA at SPIEF in 2015.
















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