India looks to boost trade ties with Asean
11 Oct 2022 03:39pm
Image for illustrative purposes only - BERNAMA
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Asean is one of the focal regions for India, with the two sides sharing many similarities in terms of culture and religion.
The trade and investment ties between India and Asean have also grown over the past decade, thanks to India's Look East Policy, reported Vietnam News Agency.
Two-way trade rose to US$110.4 billion in the 2021-2022, thanks to a number of key agreements signed between the two sides.
India and Asean signed the Framework Agreement on Comprehensive Economic Cooperation in 2003 at the second Asean - India Summit, which has created a premise for the two sides to negotiate and sign FTAs on goods, services and investment, including the Asean-India Trade in Goods Agreement (AITIGA) and the Asean-India trade agreements in investment and services.
Since AITIGA took effect in January 2010, trade between Asean and India has increased remarkably, with an increase of 23 per cent in exports and 55 per cent in imports over the past decade.
Imports have increased particularly from Cambodia, Singapore, and Vietnam. - BERNAMA
