Latest news with #AITIGA
Hindustan Times
3 days ago
- Business
- Hindustan Times
Spike in imports raises trade diversion concerns
NEW DELHI: India has initiated investigations into an unusual spike in a month in imports of over a dozen products from countries including China, Malaysia, Indonesia, Bangladesh and Nepal, even as the world witnesses large-scale trade diversion because of the US tariff barriers, government officials said. The world's largest container ship, MSC IRINA, is berthed at Vizhinjam port in Thiruvananthapuram, on June 9, 2025. (AP FILE) At least 14 products are under the scanner, including different chemicals, steel tubes, various types of glasses, jute items and paperboards, said a commerce ministry official who asked not to be named. 'Industry bodies, sectoral ministries and government agencies are on high alert to report any unusual import surge due to trade diversion. Based on their inputs, the government will conduct an investigation and take remedial action immediately to protect domestic units,' he added. There has been a sharp 35% decline in Chinese exports to its biggest market, the US in May after the Trump administration announced ' Liberation Day' tariffs from April 5. Despite that China's total exports saw a positive growth, raising suspicion that some of its America-bound merchandise is now being diverted to other markets, a second official said. Prime facie, most of these merchandise originate from China and are shipped via those countries that have favourable trade relationship with India, this person added, requesting anonymity. 'For example, there is an import surge of textured tempered coated and uncoated glass from Malaysia and virgin multi-layered paperboard from Indonesia. It is suspected that some of them originated in China and entered India through Asean FTA.' The Asean-India Trade in Goods Agreement (AITIGA), signed by the then commerce minister Anand Sharma on August 13, 2009, has become a sore point between India and the 10-member block Association of Southeast Asian Nations (Asean). After finding that India-Asean trade deficit surged post AITIGA from from a mere $5 billion in 2010-11 to $43.57 billion in 2022-23, the Modi government has insisted on review of its terms, such as rules of origin (ROO). Negotiations are still on between the two parties despite nine rounds of meetings. 'Talks are progressing in a positive direction and we expect to resolve all issues by the end of this year,' a third official with direct knowledge of the matter said. The 10th round of India-Asean review talks is expected to be held in New Delhi in mid-August. The matter could be resolved by October when a final round (the 11th) of talks will take place in Malaysia, he added. While plugging loopholes in old trade agreements such as the FTA with Asean is a medium-term objective, India is also taking anti-dumping measures against any large-scale trade diversions to India, the second official said. 'The commerce ministry is providing data and information on a regular basis to line ministries to ascertain any surge in imports.' The ministry of commerce and industry plans to launch a monthly 'Global Trade Watch' soon, focusing on product-specific and country-specific trade strategy, the first official said. The monthly report will be circulated within the ministry from next month so that they will factor-in global opportunities and threats and monitor any unusual import surge in their respective domains, he said. Meanwhile, the Directorate General of Trade Remedies (DGTR), the erstwhile Directorate General of Anti-dumping and Allied Duties, has already initiated anti-dumping investigation on imports of thermoplastic polyurethane-based paint protection files, Broms OTBN, and para-tertiary butyl phenol coming from China.
Malaysia Sun
5 days ago
- Business
- Malaysia Sun
MoS Margherita emphasises need for early completion of review of ASEAN-India Trade in Goods Agreement
New Delhi [India], July 14 (ANI): Minister of State for External Affairs Pabitra Margherita, during his recent Malaysia visit, emphasised the need for early completion of the review of ASEAN-India Trade in Goods Agreement (AITIGA) and underlined development partnerships in digital, maritime, health and innovation, as per a statement from the MEA. Minister Pabitra Margherita led the delegation at the ASEAN-India Foreign Ministers' Meeting (AIFMM), 15th East Asia Summit Foreign Ministers' Meeting (EAS FMM) and 32nd ASEAN Regional Forum on July 10-11, 2025 in Kuala Lumpur, Malaysia. In his remarks at the AIFMM on July 10, MoS Margherita extended India's continued support to Malaysia's chairmanship of ASEAN and reiterated India's support for ASEAN unity and centrality. Further, MoS Margherita appreciated progress in the implementation of the 10 Point proposal of Prime Minister Narendra Modi, announced at the 21st ASEAN-India Summit in Lao PDR in 2024 to further strengthen the ASEAN-India Comprehensive Strategic Partnership and shared the initiatives taken this year under the India -ASEAN Year of Tourism. 'He emphasised the need for early completion of the review of ASEAN-India Trade in Goods Agreement (AITIGA) and underlined development partnerships in digital, maritime, health and innovation,' Ministry of External Affairs said in the statement Monday. At the 15th EAS FMM on July 11, 2025, MoS Margherita underlined India's contribution towards strengthening the Leaders-led EAS platform as the EAS mechanism completes 20 years and exchanged views on the current regional and international developments. Preparations for the upcoming 20th EAS Summit, scheduled in October 2025, were also discussed. At the ASEAN Regional Forum (ARF) held on July 11, MoS Margherita participated in a constructive exchange of views on pressing international and regional developments, and deliberated on the future trajectory of the ARF process. He underscored India's deep concerns over the persistent threat posed by Pakistan-sponsored cross-border terrorism, particularly in the wake of the horrific terror attack in Pahalgam in the Indian UT of Jammu and Kashmir. The Minister reaffirmed India's resolute commitment to combating terrorism in all its forms and manifestations. He commended the ASEAN-led mechanisms, including the emerging regional security architecture, as an important platform for candid discussions and collective efforts to address the challenges in the region. Minister Margherita also held bilateral meetings with the Secretary General of ASEAN and the Foreign Ministers of Cambodia, the Philippines, and Timor Leste, on the sidelines of the ASEAN-related meetings. (ANI)
India Gazette
5 days ago
- Business
- India Gazette
MoS Margherita emphasises need for early completion of review of ASEAN-India Trade in Goods Agreement
New Delhi [India], July 14 (ANI): Minister of State for External Affairs Pabitra Margherita, during his recent Malaysia visit, emphasised the need for early completion of the review of ASEAN-India Trade in Goods Agreement (AITIGA) and underlined development partnerships in digital, maritime, health and innovation, as per a statement from the MEA. Minister Pabitra Margherita led the delegation at the ASEAN-India Foreign Ministers' Meeting (AIFMM), 15th East Asia Summit Foreign Ministers' Meeting (EAS FMM) and 32nd ASEAN Regional Forum on July 10-11, 2025 in Kuala Lumpur, Malaysia. In his remarks at the AIFMM on July 10, MoS Margherita extended India's continued support to Malaysia's chairmanship of ASEAN and reiterated India's support for ASEAN unity and centrality. Further, MoS Margherita appreciated progress in the implementation of the 10 Point proposal of Prime Minister Narendra Modi, announced at the 21st ASEAN-India Summit in Lao PDR in 2024 to further strengthen the ASEAN-India Comprehensive Strategic Partnership and shared the initiatives taken this year under the India -ASEAN Year of Tourism. 'He emphasised the need for early completion of the review of ASEAN-India Trade in Goods Agreement (AITIGA) and underlined development partnerships in digital, maritime, health and innovation,' Ministry of External Affairs said in the statement Monday. At the 15th EAS FMM on July 11, 2025, MoS Margherita underlined India's contribution towards strengthening the Leaders-led EAS platform as the EAS mechanism completes 20 years and exchanged views on the current regional and international developments. Preparations for the upcoming 20th EAS Summit, scheduled in October 2025, were also discussed. At the ASEAN Regional Forum (ARF) held on July 11, MoS Margherita participated in a constructive exchange of views on pressing international and regional developments, and deliberated on the future trajectory of the ARF process. He underscored India's deep concerns over the persistent threat posed by Pakistan-sponsored cross-border terrorism, particularly in the wake of the horrific terror attack in Pahalgam in the Indian UT of Jammu and Kashmir. The Minister reaffirmed India's resolute commitment to combating terrorism in all its forms and manifestations. He commended the ASEAN-led mechanisms, including the emerging regional security architecture, as an important platform for candid discussions and collective efforts to address the challenges in the region. Minister Margherita also held bilateral meetings with the Secretary General of ASEAN and the Foreign Ministers of Cambodia, the Philippines, and Timor Leste, on the sidelines of the ASEAN-related meetings. (ANI)
Time of India
10-07-2025
- Business
- Time of India
Amid deficit underuse of Asean trade agreement to be assessed by commerce department
New Delhi: The commerce department has drawn up a list of around 20 questions to be shared with exporters to gauge the underutilisation of India's trade pact with Asean countries amid the deal being reviewed due to New Delhi's high and sustained trade deficit. These questions pertain to difficulty to trace the origin of raw materials, challenges in interpretation and procedures, cost of compliance and if exporters are not using the preferential route due to low duty differentials compared to regular rates. The Asean-India Trade in Goods Agreement (AITIGA), which came into effect in 2010, is currently under review. India has been demanding a review of the pact to eliminate barriers and its misuse. The review is aimed to be completed this year. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villa For Sale in Dubai Prices Might Surprise You! Villa for sale in Dubai | Search Ads Learn More Undo "We are trying to assess the reasons that affect the export performance and limit the exporters ability to leverage the AITIGA preferential benefits," said an official. Asean, or the Association of Southeast Asian Nations, comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. "The structural or policy-related bottlenecks impacting exports under the agreement and domestic supply-side limitations or capacity constraints are also being looked into," the official added. Live Events The questionnaire will also touch upon tariff and non-tariff barriers in the 10-member bloc, procedural issues in availing preferential certificates, pricing compared to key competitors, rules of origin, buyer-side challenges and customs clearance process compared to regular most favoured nation (MFN) route. The exercise is crucial as India seeks to eliminate barriers and misuse of the trade pact and reduce its trade deficit with the grouping. India had opened 71% of tariff lines while Indonesia opened only 41%, Vietnam 66.5% and Thailand 67%, for AITIGA. India's goods exports to the Asean shrank 5.4% from a year earlier to $38.96 billion in FY25, while its imports from the bloc rose 5.6% to $84.16 billion. Concerns have also been raised about routing of goods to India from third countries, especially China, through Asean members by taking the duty advantages of the agreement.
Time of India
10-07-2025
- Business
- Time of India
India, ASEAN to work on ‘mutually beneficial' FTA
KUALA LUMPUR: Asean foreign ministers have reaffirmed their support for an early and satisfactory review of the agreement for goods trade with India, amid pressure from New Delhi to ensure a modern and more equitable treaty. A video call between commerce and industry minister Piyush Goyal and Malaysia's minister of investment, trade and industry (MITI) Zafrul Aziz ahead of the India-Asean post ministerial conference at the 58th ASEAN Foreign Ministers' Meeting (AMM) and Related Meetings set the tone for re-energized talks. Earlier, in a post on X, Zafrul stated that enhancing the agreement was the focus of his discussion as the chairman of Asean Economic Ministers with Goyal. 'Malaysia, as the Asean chair for 2025, is committed to upgrading and modernizing AITIGA to reflect current realities and ensure it remains relevant and mutually beneficial. Together, let's elevate ASEAN-India economic relations to new heights,' he said. Goyal, who had last month come under fire for calling the FTA 'silly' as it was a conduit for cheap Chinese products, also came on X to share that he had a 'productive' meeting with the Malaysian minister and 'discussed ongoing review of AITIGA and addressing its challenges therein.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Upto 15% Discount for Salaried Individuals ICICI Pru Life Insurance Plan Get Quote Undo In his opening remarks, minister of state for external affairs Pabitra Margherita, who is attending the post-ministerial conference at the Summit, said: 'For India, Asean is the cornerstone of its Act East Policy and the Indo-Pacific vision and India firmly supports Asean unity and Asean centrality.' He also stated, 'with support from our Asean partners, we achieved 100% implementation of the Asean-India plan of action 2021-2025. ' 'The discussions at the foreign ministers meet was constructive and in fact Asean and India have adopted the Plan of Action 2026-30. To strengthen the strategic partnership we must look at this relationship in a comprehensive manner. PM Modi himself has participated 11 times in ASEAN India summits since 2014, and this engagement as policy has got translated into trade, investment, people to people linkages and boosted the civilizational connect,' Jayant Khobragade, ambassador, India's Mission to ASEAN, Jakarta told TOI. Tourism between the two regions has got a new momentum with 2025 being marked as the Asean-India Year of Tourism and India supporting the Tourism Work Plan 2023-2027 with $US 5 million. 'Air connectivity between Philippines and India is starting soon, and now only Laos is left in the Asean bloc,' he added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
