The government is reviewing the continuation of the free trade agreement (FTA) with ASEAN in the wake of the trading bloc’s reluctance to address India’s concerns over what it believes are asymmetries in the trade pact during the last ten years. According to Times of India, the country’s main grouse is the rising trade deficit with the 10–country bloc.
Cargo ships are moored at a port in Singapore (Photo: AFP/VNA)
New Delhi(VNA) - The government is reviewing the continuation of the free tradeagreement (FTA) with ASEAN in the wake of the trading bloc’sreluctance to address India’s concerns over what it believes are asymmetries inthe trade pact during the last ten years.
According to Times of India, the country’s main grouse is therising trade deficit with the 10–country bloc.
The Indian government is looking to revamp its strategy on FTAs with Finance Minister NirmalaSitharaman on July 31 hinting that New Delhi will demand "reciprocal"agreements with countries where it is open to the market.
The NarendraModi government has blamed the trade agreements worked out by the United Progressive Alliance (UPA) for a large part of the problem oftrade deficit, arguing that the agreements with ASEAN, the Republic of Korea and Japan were signed inhaste and India’s interests were not adequately protected.
As a result, Minister of Commerce and Industry Piyush Goyal has been demanding renegotiation of certainprovisions under a review mechanism, something that ASEAN has so far refused toaccept.
At least three high-ranking officials in the administration said that thegovernment was looking at the option of exiting some of the FTAs, especiallythe one with ASEAN, if the terms of engagement were not inIndia’s favour.
In recent years, starting with the threat toblock a WTO agreement on tradefacilitation in 2015 to walking out of negotiations on the RegionalComprehensive Economic Partnership (RCEP), Indiahas hardened its stance in global engagements.
Sitharaman, Goyal and Bibek Debroy, who heads the Economic AdvisoryCouncil to PM, are looking at the options to strengthen India’s tradeengagements and a review of existing FTAs./.
The Association of Southeast Asian Nations (ASEAN) appreciated India’s contributions to peace and stability in Southeast Asia at a summit in Bangkok, Thailand, on November 3.
Indian Prime Minister Narendra Modi has welcomed the decision of the Association of Southeast Asian Nations (ASEAN) to review its free trade agreement (FTA) with India.
The PHD Chamber of Commerce and Industry (PHDCCI) of India is hosting the first India-ASEAN Business Summit in New Delhi from November 11-12 as part of efforts to enhance cooperation between the country and the Southeast Asian bloc.
ASEAN and India have reaffirmed their commitment to further strengthen and deepen their cooperation at the 20th ASEAN-India Joint Cooperation Committee Meeting held via video conference recently.
Senior officials of ASEAN countries and India agreed to enhance the two sides’ cooperation in various fields at their 22nd annual meeting held online on July 16.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
Cargo ships are moored at a port in Singapore (Photo: AFP/VNA) 
