asean: easy freight movement, key to start-up collaboration for the India-ASEAN relationship: CII
ASEAN, or Association of Southeast Asian Nations, includes 10 countries: Indonesia, Thailand, Singapore, Malaysia, Philippines, Vietnam, Myanmar, Cambodia, Brunei and Laos .
“A regional approach to energy security will help manage its supply and demand in a crucial requirement of these high growth economies,” CII said in its report titled “ASEAN-India: Identifying Emerging Opportunities Together”.
He added that India had started collaboration with some ASEAN countries such as Vietnam and Myanmar in areas such as renewable energy and refinery development.
With the success of the CO-WIN app, India may support other countries that want to use CO-WIN or design a similar digital immunization management system, according to the Chamber of Industry.
“An ASEAN visa and international exchanges related to cultural and leisure programs will go a long way in increasing people-to-people connectivity and potentially boosting SME trade,” CII said in its report.
ASEAN-India trade was down 9.2% in FY21 due to the pandemic and the expansion of ASEAN trade with the United States and China. India’s declining trade and growing trade deficit in recent years have led to a call for a review of free trade agreements (FTAs) with ASEAN, as India aims for a better trade balance .
“The review will cover issues such as the removal of non-tariff measures, especially in the automotive and agricultural sectors, and rules of origin,” CII said.
This is crucial because since the finalization of the FTA, Indian imports from ASEAN have continued to increase sharply relative to exports. As a result, India’s trade deficit grew to $ 15.9 billion in FY21 from $ 4.9 billion in FY11.