Home / Knowledge / News / Textiles / FTA with ASEAN to enlarge market access for Indian business: FICCI
FTA with ASEAN to enlarge market access for Indian business: FICCI
14
Aug '09
FICCI Secretary General Dr Amit Mitra
FICCI Secretary General Dr Amit Mitra
FICCI expects the FTA with ASEAN will open up new market opportunities for Indian business with tariff on 80% of ASEAN imports set to become zero in 4 years.

With a strategic approach exports from India could occupy a much higher share in ASEAN total imports (currently India's share is a modest 2.5%). Last year ASEAN-countries together imported $936 billion worth of goods, FICCI said. As regards two-way trade, FICCI would like to see trade turnover going up to $50 billion in 2 years after implementation of the FTA from the existing level of $40 billion. FICCI delegation accompanying Commerce Minister Shri Anand Sharma witnessed signing of the India-ASEAN FTA on the sidelines of 41st ASEAN Economic Ministers' Meeting in Bangkok.

What is critically important, India's most sensitive and vulnerable sectors are protected in terms of negative list and sensitive list. For instance, palm oil, tea, coffee and pepper are put under “highly sensitive list” and import duties on them will be lowered to around 40-45 per cent by 2019. Several products in the areas of agri-commodities, auto components, textiles, plastics and chemicals have been safeguarded through India's 'negative list' on which there will be no tariff reduction. In addition, products listed in the sensitive track will be subjected to gentler tariff reduction over relatively longer time period, the apex Chamber pointed out.

FICCI Secretary General Dr Amit Mitra added “We have to remember that the agreement is not an agreement in goods alone. It would eventually cover services and investment too. FICCI, therefore, expects that Indian professionals and service providers would be able to have greater market access in the ASEAN region once FTA in services is in force.” The ASEAN region is a net importer of services and it imported nearly $180 billion worth of services in 2007. In view of this and India's competitive advantages in terms of cost and expertise in a range of areas, the proposed agreement would benefit India, FICCI observed.

FICCI

Must ReadView All

Textiles | On 1st May 2017

FESPA to showcase digital, screen, textile industries

Stage is set for FESPA 2017 at the Hamburg Messe, Germany during May...

Textiles | On 30th Apr 2017

Government revamping tech mission on cotton

Indian Government is working to revamp the technology mission on...

Apparel/Garments | On 30th Apr 2017

Columbia Sportswear records Q1 net sales of $543.8 mn

Columbia Sportswear Company has announced record net sales of $543.8...

Interviews View All

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X