Looking to fast-track trade pact review talks with ASEAN: Piyush Goyal
"Had a productive meeting with @Tzafrul_Aziz, Malaysian Minister of Investment, Trade & Industry. Malaysia is India's permanent coordinator from ASEAN on economic matters," Mr. Goyal said in a post on X.
The Ministers discussed the ongoing review of ASEAN India Trade of Goods Agreement (AITIGA) and addressing its challenges therein.
No headway in India-ASEAN trade deal review despite 9 meetings in last one year
"Looking forward to fast-tracking discussions with ASEAN Member States to ensure fair trade and balanced growth," he said adding, "We also discussed furthering discussions on the Comprehensive Economic Cooperation Agreement (CECA) between both the countries". The remarks assume significance as the review talks are progressing slow.
The review of the agreement is a long-standing demand of Indian industry, and India is looking forward to an upgraded pact, which will address the current asymmetries in bilateral trade and will make trade more balanced and sustainable.
ASEAN members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
A free trade agreement in goods between India and the 10-nation bloc ASEAN (Association of Southeast Asian Nations) was signed in 2009. The ASEAN trade deal came into force in January 2010. In August 2023, both sides announced a complete review of the existing agreement on goods by 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
19 minutes ago
- India.com
‘Deals Working Out Very Well': Trump Talks Sweet About ‘Good Friend' India, Hints At Bitter 25% Tariff
Washington: Inside the humming cabin of Air Force One, President Donald Trump leaned back and spoke to reporters as casually as one might comment on the weather. But his words carried weight, especially for India. With just a couple of days left before an August 1 deadline, he said things between Washington and New Delhi were 'working out very well'. But at the same time warned tariffs as high as 20% to 25% might be on the way. He did not make the comment out of nowhere. A reporter had asked about whispers from New Delhi that India might be bracing for steep new duties. Trump shrugged off the speculation but made his stance clear. 'India has charged basically more tariffs than almost any other country over the years. But now I am in charge. And you just cannot do that,' he said. Though there has been no formal communication to India so far and no signed letter like those sent to other nations, the possibility of new tariffs is very much on the table. Despite the tense undertone, Trump called India 'a good friend'. Back in April, the Trump administration had already slapped a 26% tariff on Indian imports, only to hit the brakes later, describing them as 'reciprocal' measures that could be revisited. On the Indian side, the mood has been more optimistic. Speaking this past Sunday, Commerce Minister Piyush Goyal said India is negotiating from a position of strength. 'India today negotiates from a position of strength, a position of confidence. It is this very confidence that continuously encourages us to make good free trade agreements. Our discussions with the United States are progressing very well,' he said. Foreign Secretary Vikram Misri echoed similar confidence during Prime Minister Narendra Modi's recent trip to the United Kingdom. He told the media that India is in regular touch with U.S. officials on the possibility of a Bilateral Trade Agreement (BTA), though those talks are being handled under a separate track. 'We are discussing that under a different vertical. All I can say is that our engagement is underway. The contacts are underway, and we will see how that goes,' Misri said after the India-UK Free Trade Agreement signing ceremony. Back on July 14, a senior Indian official said the government was moving ahead with 'concrete progress' on the BTA with Washington, describing the deal as something both nations are committed to finalising under the leadership of Modi and Trump. India's goal? A win-win deal. 'We are moving in terms of a BTA. We are looking at a mutually beneficial deal,' the official said. But trade was not the only card Trump played in the air that day. He also took a moment to reflect on what he called his role in halting the conflict between India and Pakistan earlier this year. The standoff began after the April 22 terror attacks in Pahalgam, which claimed 26 lives. India's response, now widely discussed Operation Sindoor, involved targeted precision strikes on nine terror camps in Pakistan and Pakistan-occupied Jammu and Kashmir. Trump claimed he had helped broker the peace. 'Look, India, they are my friends and he is (PM Modi) my friend. And you know they ended the war with Pakistan and by request and I was great and Pakistan did also. We did a lot of great settlements,' he said. India, however, had offered a different version of events. According to New Delhi, it was Pakistan's Director General of Military Operations who made the first move and reached out to his Indian counterpart to ask for a ceasefire. Only then did hostilities ease. Whether Trump's version holds up or not, trade and geopolitics are once again tied together, with India and the United States carefully maneuvering, with each step being closely watched. (With ANI inputs)
The Hindu
an hour ago
- The Hindu
Trump remarks on India-U.S. trade deal and hints at 20-25% tariff, again claims credit for ceasefire between India and Pak.
Just days ahead of the self-imposed August 1 deadline date before the tariffs come into effect, U.S. President Donald Trump stated that the India-US trade deal was 'working out very well' but hinted at a 20% to 25% tariff on New Delhi. During a gaggle with the press interaction aboard Air Force One on Tuesday (local time), Mr. Trump responded to a report suggesting that India might be preparing for 20 to 25% tariffs, stating that India had been imposing higher tariffs on the U.S. as compared to other countries. He further mentioned that all this would come to an end as he is now 'in charge.' However, Trump hasn't sent any letters to India announcing the tariff imposed on New Delhi, as he did for many other nations. 'India has been a good friend. But India has charged basically more tariffs than almost any other country over the years. But now I'm in charge. And you just can't do that. I think the trade deals are working out very well. Hopefully for everybody, but for the United States, they're very, very good,' the US President said. Earlier on April 22, Trump imposed a tariff of 26% on Indian goods imported to the US, before announcing a pause on those 'reciprocal' levies. Meanwhile, the Union Minister for Commerce, Piyush Goyal, on Sunday, stated that the trade discussion between India and the U.S. had been going 'very well.' 'India today negotiates from a position of strength, a position of confidence. It is this very confidence that continuously encourages us to make good free trade agreements... Our discussions with the United States are progressing very well,' he stated. Foreign Secretary Vikram Misri, during PM Modi's visit to the U.K. last week, also stated that India had been actively engaged in discussions with the US on a potential Bilateral Trade Agreement (BTA), emphasising the ongoing contacts with partners in the US. During a press conference following the signing of the India-UK Free Trade Agreement, Misri stated, 'We are discussing that under a different vertical. All I can say is that our engagement is underway. The contacts are underway, and we'll see how that goes.' On July 14, a senior government official stated that India was making concrete progress toward finalising a BTA with the US, with both countries committed to following the path outlined by their respective leaders. Speaking on the ongoing trade negotiations, the official emphasised that India is 'moving in terms of a BTA' and actively 'looking at a mutually beneficial deal' that would serve the interests of both nations. Trump repeats claim of brokering ceasefire Mr. Trump also used the opportunity to once again claim credit for his role in brokering the ceasefire agreement between India and Pakistan, following the recent conflict in May. The conflict was triggered by the April 22 Pahalgam terror attacks, which killed 26 people, and India's subsequent response, 'Operation Sindoor,' involving precision strikes on nine terror camps in Pakistan and Pakistan-occupied Jammu and Kashmir (PoJK). He also praised India's leadership under Prime Minister Narendra Modi for its role in regional stability. 'Look, India, they're my friends and he's [PM Modi] my friend and you know they ended the war with Pakistan and by request and I was great and Pakistan did also. We did a lot of great settlements,' he said. India had repeatedly refuted the claims made by the U.S. President, noting that it was Pakistan's Director General of Military Operations (DGMO) who contacted their Indian counterpart to request an end to hostilities, following which the ceasefire was then agreed upon.
The Print
an hour ago
- The Print
Modi calls Male ‘true friend' of New Delhi at Maldives Independence Day celebrations
PM Modi also met former Maldives President Mohamed Nasheed and highlighted his role as a strong advocate for deepening the India-Maldives friendship. Upon meeting the Speaker, PM Modi in a post on X wrote, 'Met Mr. Abdul Raheem Abdulla, Speaker of the People's Majlis. Talked about the deep-rooted India-Maldives friendship, including the close relationship between our respective Parliaments. The formation of the India-Maldives Parliamentary Friendship Group in the 20th Majlis is a welcome step for bilateral ties. India remains committed to supporting capacity building in the Maldives.' Male: Prime Minister Narendra Modi met with the Speaker of the Parliament, Abdul Raheem Abdulla and former President Mohamed Nasheed, on Saturday, on the second day of his visit to the Maldives. He welcomed the formation of the India-Maldives Parliamentary Friendship Group in the 20th Majlis and underscored how Maldives will always be a valued pillar of India's 'Neighbourhood First' policy and Mahasagar vision. PM said, 'Met the former President of Maldives, Mr. Mohamed Nasheed. He has always been a strong advocate of a deeper India-Maldives friendship. Spoke about how the Maldives will always be a valued pillar of our 'Neighbourhood First' policy and the Mahasagar vision. India will keep supporting Maldives through capacity building and developmental cooperation.' Prime Minister Narendra Modi had also met the Vice President of the Maldives, Hussain Mohamed Latheef, on Saturday. He stated that the leaders discussed the key pillars of India-Maldives friendship, such as technology, infrastructure, energy, and climate change. PM Modi is in the Maldives at the invitation of President Mohamed Muizzu. He is the guest of honour for the 60th Independence Day celebrations in the country. On Friday, while speaking at the banquet hosted in his honour, PM Modi emphasised the depth of the bilateral relationship. He said, 'India-Maldives relations are centuries old. We are neighbours, partners and true friends who stand together in times of need. Maldives holds a special place in India's 'Neighbourhood First' policy… This is not just diplomacy but a relation of deep affinity.' President Mohamed Muizzu praised PM Modi's leadership and reaffirmed the strong ties between India and the Maldives. 'India has long stood as the Maldives's closest and most trusted partner. Our collaboration spans a wide range of areas, from security and trade to healthcare, education and beyond, touching the everyday lives of our citizens,' Muizzu said. On Friday, during a special press briefing, Foreign Secretary Vikram Misri had remarked, 'This very timely and productive visit has provided an opportunity to both countries and both leaders to review our very close cooperation and to continue to build further on it. The two sides reviewed the joint vision for the India-Maldives Comprehensive Economic and Maritime Security Partnership, and as a result of the discussions today, arrived at the conclusion that we should continue to implement various elements of this vision, and explore newer avenues to collaborate further between the two sides.' India and the Maldives exchanged eight key agreements on Friday covering a wide range of sectors, including a Line of Credit, debt repayment, fisheries, digital transformation, and the Unified Payments Interface (UPI), in the presence of Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu. Disclaimer: This report is auto generated from the ANI news service. ThePrint holds no responsibility for its content. Also Read: Bullying Maldives is India's latest gladiator sport. It's not how strong nations behave
