India-ASEAN Free Trade Agreement talks are in troubled waters with Asean insisting on New Delhi to eliminate its big list of negative items, contrary to the stand taken by the former.
Currently, the trade between India and Association of South East Asian Nations stood at $80 billion.
Talks on the ambitious India-Asean Free Trade Agreement have received another setback due to the violent protests at the Asean summit venue in Thailand last Sunday.
In fact, India stands to gain in sectors such as textiles, handicrafts, chemicals and pharmaceutical from its trade with the Asean economies.
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.
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.
Commerce Minister Kamal Nath will attend an informal ASEAN Economic Ministers-India Consultation in Kuala Lumpur
"We hope to reach a solution by July 2007," the minister said after the ASEAN-India economic minister's meeting held in Cebu, Philippines.
'In the Asean market, the train left at the same time for India and China, but while India's ride has been symbolic of India's rickety railways, it seems that China's has been on a bullet train,' note Renjini V R, Manmeet Ajmani and Devesh Roy.
India can become one of the world's automotive export hubs of the 21st century.
The agreement on services, if ratified by all member countries, could prove to be a game changer for Indian professionals in education, healthcare & IT.
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