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India's business with ASEAN countries only 30% of total trade

Press Trust of India  |  Shillong 

India's business with ASEAN countries is only 30 per cent of total ASEAN trade even as the thrust is on increasing business through infrastructural development connecting important trade points, Ministry of External Affairs Secretary (East) Anil Wadhwa said today.

"India being a part of RCEP, the largest Economic Partnerships across the world having more than 10 countries, has a great potential in enjoying trade benefits with its neighbouring countries. However, India's trade with ASEAN countries is only 30 per cent of total ASEAN trade," Wadhwa said.

Addressing the inaugural session of 'India-ASEAN Connectivity: Challenges and opportunities for the North Eastern Region' here, Wadhwa said there has been a hike in trade by more than 16 per cent following the FTA with ASEAN countries.

Focusing on the cost of transportation and logistics, he said special incentives have been given for development of connectivity and infrastructure projects.

The Shipping Corporation of India will be starting connectivity between eastern region of India and Yangon in Myanmar from next year which is considered to be one of the impactful activities to be implemented, he said.

The government is focusing on increasing the number of 'Visa on Arrival' from ASEAN countries, increasing duration of stay and enhancing the multiple entry schemes to travellers, he added.

Wadhwa said financial and communication linkages with ASEAN countries need to be developed focusing on border trades through Manipur.

First Published: Tue, September 30 2014. 19:55 IST