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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.
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.
**********
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/
ASEAN free trade pact: House panel calls for better access to Indian goods
https://www.pressreader.com/
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.
India to host meeting of 30-40 WTO members in February
Read more at:
//economictimes.indiatimes.
**********
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
Read more at: http://www.millenniumpost.in/
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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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