Hope to touch USD 100 bn trade with ASEAN by 2015: Nirmala Sitharaman
Updated: Dec 11, 2014 03:40:31pm
New Delhi, Dec 11 (KNN) Minister of State for Commerce and Industry, Nirmala Sitharaman today stated that the Free Trade Agreement (FTA) on goods signed with ASEAN in 2009 had resulted in trade reaching about USD 80 billion level. She expressed hope that by 2015 it would touch USD 100 billion and get doubled by 2022.
“So there is lot of work, there is a lot of scope,” she said, speaking at the 2nd India – CLMV (Cambodia, Laos, Myanmar and Vietnam) Business Conclave, here.
The Minister said that India-CLMV trade was concentrated in only a few items and there was tremendous scope to deepen and widen the trade basket. She said several sectors hold potential for trade and investment between India and the CLMV countries which included skill development, agricultural products, manufacturing, project exports, energy among others.
Sitharaman said that India’s Look East Policy has become very focussed and is now the Act East Policy, adding that there is a need for greater and accelerated engagement across the globe with East Asia.
She said that the country is very keen to open up the north-east part of India; open up the economy, improve on its connectivity with the rest of the East, adding that it is imperative for India to deepen its trade and investment with the four countries.
Considering that currently, 70-80 per cent of India-CLMV trade is centred around only a few products, she thinks there is a scope to expand the basket and bring in more commodities and manufactured goods into it.
She also pointed out that the Government of India has accorded high priority to economic engagements with the four countries, and is working towards establishing seamless physical connectivity with the region.
“Robust physical connectivity through road, rail and sea links will enable businesses on both sides to leverage the opportunities created by the India-ASEAN FTA in Goods. The FTA in Services and Investment will come into force with effect from 1st July, 2015. Seamless connectivity will spur people-to-people contacts and tourism, create new enterprises and millions of jobs for people in the region, especially when the economic corridors along the India-CLMV road and rail lines would be completely fully developed,” said the Minister.
Also speaking on the occasion, Commerce Secretary, Rajeev Kher, stated that India’s trade with the CLMV region amounted to USD 13 billion in 2013-14. Much of that trade, he observed, was with Vietnam. He felt that there was tremendous scope to expand trade relations with the other countries in the region.
Kher highlighted the need to establish regional and sub-regional value chains in order to maintain and sustain long-term economic relationship with the region. He stated that India industry could partner with businesses in the CLMV countries to reach out to newer markets. He felt that by joining forces, Indian and CLMV industry could take advantage of the trade agreement architecture that the CLMV countries have to access newer markets. (KNN/ES)
“So there is lot of work, there is a lot of scope,” she said, speaking at the 2nd India – CLMV (Cambodia, Laos, Myanmar and Vietnam) Business Conclave, here.
The Minister said that India-CLMV trade was concentrated in only a few items and there was tremendous scope to deepen and widen the trade basket. She said several sectors hold potential for trade and investment between India and the CLMV countries which included skill development, agricultural products, manufacturing, project exports, energy among others.
Sitharaman said that India’s Look East Policy has become very focussed and is now the Act East Policy, adding that there is a need for greater and accelerated engagement across the globe with East Asia.
She said that the country is very keen to open up the north-east part of India; open up the economy, improve on its connectivity with the rest of the East, adding that it is imperative for India to deepen its trade and investment with the four countries.
Considering that currently, 70-80 per cent of India-CLMV trade is centred around only a few products, she thinks there is a scope to expand the basket and bring in more commodities and manufactured goods into it.
She also pointed out that the Government of India has accorded high priority to economic engagements with the four countries, and is working towards establishing seamless physical connectivity with the region.
“Robust physical connectivity through road, rail and sea links will enable businesses on both sides to leverage the opportunities created by the India-ASEAN FTA in Goods. The FTA in Services and Investment will come into force with effect from 1st July, 2015. Seamless connectivity will spur people-to-people contacts and tourism, create new enterprises and millions of jobs for people in the region, especially when the economic corridors along the India-CLMV road and rail lines would be completely fully developed,” said the Minister.
Also speaking on the occasion, Commerce Secretary, Rajeev Kher, stated that India’s trade with the CLMV region amounted to USD 13 billion in 2013-14. Much of that trade, he observed, was with Vietnam. He felt that there was tremendous scope to expand trade relations with the other countries in the region.
Kher highlighted the need to establish regional and sub-regional value chains in order to maintain and sustain long-term economic relationship with the region. He stated that India industry could partner with businesses in the CLMV countries to reach out to newer markets. He felt that by joining forces, Indian and CLMV industry could take advantage of the trade agreement architecture that the CLMV countries have to access newer markets. (KNN/ES)
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