Roadblocks in the way of ASEAN-India Free Trade Agreement appear to have been removed following Prime Minister Manmohan Singh's intervention on the crucial issue of sensitive farm products like pepper, rubber, palm oil, coffee and tea.
Among the current FTAs with significant trade deficits for India, five are with countries from the 10-nation Asean bloc. Exports to the 10 economies stood at $ 37.4 billion in 2018-19, up by 9% year on year. On the other hand, imports were higher at $ 59.31 billion, up by 25% from the previous year's $ 47.13 billion.
'It seems a wiser decision to pull out at the right moment than regret after joining the pact,' explains Dr Rahul Mishra.
The prime minister also welcomed convergence of views between India and ASEAN for cooperation in the Indo-Pacific region.
As India strives to make its Act East Policy a comprehensive politico-diplomatic and economic success, Brunei gains more salience, says Dr Rahul Mishra.
Eyeing greater cooperation with South East Asian countries on economic and security issues, India on Thursday announced a separate Mission for ASEAN region to be set up in Jakarta with a full-time resident Ambassador.
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