Asean Trade

China, Asean sign upgraded free trade pact to counter US protectionism

China signed an expanded version of a free trade agreement with the Association of Southeast Asian Nations as both face increased protectionism from the United States, and Chinese Premier Li Qiang emphasised his country's close ties with the region. Unity is strength, Li Qiang told an ASEAN-China summit meeting after the signing, stressing that closer cooperation could help overcome global economic uncertainties. The signing of the ASEAN-China Free Trade Area 3.0 came on the final day of the annual ASEAN summit and related meetings and was witnessed by Li Qiang and Malaysian Prime Minister Anwar Ibrahim, who is serving as ASEAN chair this year. It's the third revision of the long-standing agreement, which was first signed in 2002 and came into force in 2010. The free trade area covers a combined market of more than 2 billion people and lowers tariffs on goods and boosting flows of services and investment. Two-way trade has surged from USD 235.5 billion in 2010 to nearly USD 1 trill

Southeast Asian nations want to discuss tariffs with Trump: Malaysia PM

Southeast Asian nations will forge a common front to face challenges including economic headwinds from US tariffs and a four-year civil war in Myanmar, Malaysian Prime Minister Anwar Ibrahim said Monday. Opening an annual summit of the Association of Southeast Asian Nations, Anwar said he is seeking a unified bloc meeting with US President Donald Trump to discuss the tariffs. Officials are hopeful it could happen later this year. Malaysia is the current chair of ASEAN. For ASEAN, our peace, stability and prosperity have often depended on an open, inclusive, rules-based international order... These foundations are now being dismantled under the force of arbitrary action," Anwar said. ASEAN has formed a taskforce to coordinate a response to the U.S. tariffs in parallel with bilateral negotiations by some member countries, Anwar said. ASEAN members include bigger economies such as Singapore, Indonesia, Malaysia, Thailand and the Philippines, as well as ones like Vietnam, Cambodia, Laos

China updates free trade deal with Asean as US tariff war escalates

China and Asean conclude negotiations to modernise their 15-year-old FTA, even as Beijing and Washington agree to a 90-day tariff truce following weeks of trade retaliation

India looks to establish standardised negotiation process for trade deals

The government is seeking to revive a decade-old proposal to streamline FTA negotiations, especially in the backdrop of imbalanced deals with a couple of trade partners

PM Modi's visit to Brunei and Singapore: What is India's Act East Policy?

India's Act East Policy focuses on building ties with Asean countries to promote peace, economic collaboration, and cultural ties while also acting as a counterweight to China's growing influence

FTA talks with Japan, Korea, Asean moving slow, India still pursuing: Goyal

The negotiations to review the free trade agreements (FTAs) implemented with Japan, Korea, and Asean are moving slow but India is pursuing those talks, Commerce and Industry Minister Piyush Goyal said on Tuesday. He said these agreements were signed and implemented during the UPA regime. These pacts are hurting the domestic industry and almost all firms stated that they are "unfair" agreements, Goyal said. "I am helpless as those agreements (came into effect) before we came to power. I am helpless to change it until we close the negotiations. "We are under re-negotiations but obviously when they (Japan, Korea, Asean) realise that the Congress's agreement was better for them (Japan, Korea, Asean), they are happier to keep that rather than change the agreements... they are going very slow, (but) we are also pursuing," he said while speaking at a CII programme on Viksit Bharat. Asean (Association of Southeast Asian Nations) is one of the major trade partners of India, with a share of

India reviews Asean trade pact to address domestic manufacturing anomalies

The Ministry of Commerce and Industry has asked for input from the industry to pinpoint products suffering from an inverted duty structure that puts local manufacturers at a disadvantage

Indonesia election: Unofficial vote count points to first round Prabowo win

Prabowo had about 59 per cent of votes according to three pollsters, based on ballots counted in a sample of voting stations nationwide

Not an absolute no from India on RCEP, doors open: Asean secy general

Asean Secretary General Kao Kim Hourn CM is leading the Asean Secretariat delegation on a working visit to India

Tensions in S China Sea, violence in Myanmar as Laos takes over Asean chair

Simmering tensions in the South China Sea between China and several Southeast Asian nations now regularly spark direct confrontation. Fighting in Myanmar against the military government that seized power three years ago has grown to the point that most say the country is now in a civil war. Hopes were high that Indonesia might be able to make significant inroads on both issues during its 2023 chairmanship of the Association of Southeast Asian Nations, using its clout as the bloc's largest country, but little progress was made. Now Laos, the bloc's poorest and one of its smallest countries, has taken over the rotating chair. As foreign ministers gather in Luang Prabang for this year's first top-level meetings over the weekend, many are pessimistic that ASEAN can keep its biggest challenges from festering and growing. There were so many expectations when Indonesia started its presidency and some of those expectations fell short, said Shafiah Muhibat, an expert with the Centre for ...

India, Asean to intensify efforts to wrap up trade agreement review by 2025

India and the 10-nation bloc Asean on Monday said they have directed their officials to intensify their efforts to conclude the review of the existing free trade agreement in goods between the two regions by 2025. The issue was discussed during the twentieth AEM (Asean Economic Ministers)-India Consultation meeting, held at Semarang, Indonesia. According to a joint media statement, the meeting welcomed the progress of the review of the Asean-India Trade in Goods Agreement (AITIGA). It also endorsed the term of reference of the AITIGA Joint Committee, the Work Plan of the review negotiations and the negotiating structure. Both sides agreed to make the agreement more user-friendly, simple and trade facilitative for businesses to increase trade and support sustainable and inclusive growth. "To this end, the meeting encouraged the officials to intensify their efforts with the aim of achieving a substantial conclusion of the review in 2025," the statement said. The consultation was ..

ASEAN countries start talks to thrash out new deal on merchandise trade

Economic Ministers of the Association of Southeast Asian Nations (ASEAN) have launched negotiations to upgrade the ASEAN Trade in Goods Agreement (ATIGA), the regional bloc said a statement

ASEAN members invited to UK-hosted G7 Foreign Ministers

Among the ASEAN Foreign Ministers due to attend the G7 meeting are those from Malaysia, Thailand and Indonesia

RCEP with China, minus India: Is the trade deal a threat or opportunity?

In this podcast, Business Standard's Subhomoy Bhattacharjee explains what is RCEP, how will it benefit member nations, why did India pull out of RCEP and more

ASEAN leaders to sign China-backed trade deal amid US election uncertainty

China is already the biggest source of imports and destination for exports for would-be RCEP members

India seeks stronger rules of origin as it urges ASEAN for FTA review

New Delhi insists review process must start before 2020 end, pushes for removal of barriers in existing deal

Exporters to submit origin certificates for shipments to Asean countries

The document is important to claim duty concessions under free trade agreements. This certificate is essential to prove the origin of the goods

Govt initiates dialogue with ASEAN members for review of FTA: Goyal

He also said the Coffee Board is trying to develop an Indian brand of coffee for export and the work in this regard is underway

Reflections on RCEP and FTAs

In the process of evolving comparative advantage, some sectors will lose out. This, however, is not typical of FTAs but of all trade

Are India's existing FTAs as detrimental to its interest as RCEP?

The basic building bloc of the proposed RCEP - the Asean FTA - continues to be one-sided