India Minister of State for Commerce and Industry: India and ASEAN Must Step-up Efforts to Increase Trade

4 August 2017

Ms. Nirmala Sitharaman, Minister of State for Commerce and Industry, India, urged India and member countries of the Association of Southeast Asian Nations (ASEAN) to bolster efforts to increase bilateral trade and investment, and improve road and sea transport links.

Speaking at the ASEAN-India Expo and Forum 2017, she remarked that "we have a long way to go to realize the full potential of trade and investment engagements." She urged a review of the ASEAN-India Trade in Goods Agreement to facilitate elimination of technical barriers to trade, and sought seamless movement of goods and services by transforming the India-Southeast Asia transport corridors into economic corridors. She highlighted progress in infrastructure connectivity between India and ASEAN, including the India-Myanmar-Thailand (IMT) Trilateral Highway and the Kaladan Multimodal Project. The IMT Motor Vehicle Agreement is currently being negotiated.

10.85% of India's total global trade is with the ASEAN region, increasing from $39.09 billion in 2007-2008 to $71.69 billion in 2016-2017.

 

Related Link:

India's Ministry of Road Transport and Highways (MoRTH) will prioritize plans to construct 2,000 kilometers of roads linking...

Read More


The South Asia Subregional Economic Cooperation (SASEC) Power System Expansion Project is upgrading power lines and...

Read More


The Asian Development Bank (ADB) will lend Bangladesh $6 billion during 2018-2020, in support of 43 projects to...

Read More


Economic expansion in developing Asia is expected to accelerate...

Read More


Nepal switched on its largest wind-solar hybrid power system on 12 December 2017 in Hariharpurgadi village, Sindhuli district....

Read More


Expanding bilateral and multilateral power trading among SASEC...

Read More


Mr. Takehiko Nakao, President, Asian Development Bank (ADB), in ...

Read More