Trade ministers of India and ASEAN countries are likely to meet in Singapore next month to work out a common ground so that the much-awaited India-ASEAN free trade agreement takes off next year.
India is likely to play a bigger role when the 10-member ASEAN and six other Asian nations meet in the backdrop of differences between China and Japan.
Giving a fresh impetus to its ties with ASEAN, India today said it would soon draft a five-year action plan starting 2016 for enhancing connectivity and cooperation in diverse areas and hoped the long-delayed free trade pact on services and investment will be signed later this month.
Even as the high inflation figure for October has ruled out any possibility of a rate cut by the Reserve Bank of India's (RBI's) monetary policy committee (MPC) in December, a rate cut in February also looks uncertain due to global uncertainties. Economists told Business Standard that unless domestic growth slows markedly, the outlook on rate cut remains unclear. India's headline inflation touched a 14-month high of 6.2 per cent in October, breaching the MPC's upper tolerance band of 6 per cent.
During the meeting, the external affairs minister highlighted the foreign policy aspects in the Common Minimum Programme of the United Progressive Alliance government.
The PM was also seen chit-chatting with Japanese Prime Minister Shinzo Abe, Russian Prime Minister Dmitry Medvedev and Malaysian Prime Minister Najib Razak at the reception for the leaders who have arrived in Manila for the 31st ASEAN summit and related meetings.
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.
United States President Joe Biden will travel to India from September 7 to 10 to attend the G-20 Leaders' Summit during which he will discuss with other leaders a range of global challenges, including the Ukraine conflict, the White House announced on Tuesday.
The national flag was in the background of Modi and Abe's customary handshake at the Summit and was hoisted on a stand next to that of Japan.
The formalisation of Asean-India Free Trade Agreement (AIFTA) covering the goods sector marks an important step towards India's deepening trade links with its partners in the Asian region.
The implementation of the ambitious India-Asean Free Trade Agreement is likely to miss the target date of January 1, 2009. Negotiators from both the countries had closed talks this August, after six years of painstaking dialogue.
President Xi is also skipping the ASEAN (Association of Southeast Asian Nations) and East Asia summits in Jakarta this week.
The Central Board of Indirect Taxes and Customs (CBIC) has stepped up its watch on the import of unbranded gold jewellery amid a spurt in seizures on international borders and from importers. During FY24, the CBIC and Directorate of Revenue Intelligence (DRI) jointly seized about 5 tonnes of gold, 30 per cent more than what they did in FY23. In FY23, 3.5 tonnes of gold was confiscated.
With India and ASEAN making little progress on a proposed free trade pact, Prime Minister Manmohan Singh asked the 10-nation bloc on Tuesday to be "more reasonable" on sensitive farm products. "We are trying to persuade our ASEAN friends to be more reasonable and I am hopeful that this process will yield satisfactory outcome," Singh said.
The 45-minute CD tells the entire story of the team's Asean conquest starting from the pre-tournament stage to the tumultuous reception on its return to Kolkata.
Terming India's ties with the ASEAN as a 'pillar' of its 'Look East' policy, Prime Minister Manmohan Singh on Wednesday proposed a bilateral trade target of $50 billion by 2010 and sought boosting of cooperation with the key ten-member grouping in technology, health care, climate change and tourism.
Currently, the trade between India and Association of South East Asian Nations stood at $80 billion.
Taking India's Look East policy a step further, Prime Minister Manmohan Singh on Saturday announced visa-on-arrival facility for citizens of Cambodia, Vietnam, Philippines and Laos; and emphasised the need to speed up the finalisation of a free trade agreement in services and investment between India and South East Asian nations.
The agreement that provides for both India and ASEAN reducing tariff on agreed goods has come into force with all but Cambodia and Philippines.
Seeking deepening of ties with ASEAN, India on Saturday said it would soon draft a five-year plan of action starting 2016 to take the "trajectories" of common interests with the 10-member grouping to a new level and particularly emphasised on improving connectivity in the region to further boost trade and people-to-people contact.
"We hope to reach a solution by July 2007," the minister said after the ASEAN-India economic minister's meeting held in Cebu, Philippines.
This accord marks the success of India's Look East Policy and is the first with a trading bloc.
This accord marks the success of India's Look East Policy and is the first with a trading bloc.
Differences among the Association of South-East Asian Nations came to the fore on Tuesday night when 10 heads of governments aborted a briefing by United Nations Special Envoy Ibrahim Gambari on the Myanmar situation after Prime Minister Gen Thein Sein strongly opposed the move.
The Association of Southeast Asian Nations is expected to sign a free trade agreement with India next week, Malaysian International Trade and Industry Minister Rafidah Aziz has said.
Commerce Minister Kamal Nath will attend an informal ASEAN Economic Ministers-India Consultation in Kuala Lumpur
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Since the early 1970s, the Tatas have presence in the city-state.
These categories rank among India's top 10 export items by value.
'While criticising India's high tariffs, Mr Trump stated he would impose reciprocal taxes on Indian products if re-elected.' 'However, since India's tariffs follow WTO rules, Mr Trump's actions would violate these rules,' Ajay Srivastava points out.
India is keen to forge partnerships with ASEAN countries for the exchange of technology to enhance farm productivity and address the impact of climate change on agriculture.
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.
The government on Monday said the South East Asian nations will be allowed to operate daily services to four metros and an unlimited number of flights to 18 tourist destinations in the country, but this cannot be construed as an 'open sky policy'.
The bilateral trade grew by 4.6 per cent from $68.4 billion in 2011 to $ 71.6 billion in 2012.
