Revenue foregone to service Asean FTA more than doubles to Rs 26,000 crore

The government reportedly fears the figure for revenue foregone may be as high as Rs 60,000 crore for the proposed Regional Comprehensive Economic Partnership deal once it goes live

India's revenue foregone due to the trade agreement with Asean has more than doubled to nearly Rs 26,000 crore in 2018-19.

The free trade area with the 10-nation Association of the Southeast Asian Nations (Asean) bloc came into effect on January 1, 2010. Exports to the 10 economies stood at $37.4 billion in 2018-19, up by 9 per cent on year. On the other hand, imports were higher at $59.31 billion, up by 25 per cent from the previous year's $47.13 billion. The figure is expected to strengthen calls for a more stringent review of existing free trade agreements (FTAs)