Leveraging RVCs key to boosting India-ASEAN ties: minister

26 Feb '19
2 min read
Pic: PIB
Pic: PIB

Leveraging regional value chains (RVCs) is essential to take India’s economic partnership with the Association of South East Asian Nations (ASEAN) to the next level, Indian commerce minister Suresh Prabhu recently said. Existing RVCs in the information technology (IT), IT-enabled services (ITES) and apparel sectors are evidence of the indirect benefit to skilling and development, he said.

The minister said this while inaugurating the 4th India-ASEAN Expo and Summit 2019 in New Delhi.

With the introduction of goods and services tax (GST) in India, global value chains (GVCs) and RVCs will have a conducive environment to grow, an official release quoted Prabhu as saying.

The minister invited companies from ASEAN nations to take advantage of these opportunities for boosting trade with India and said there is immense scope for mutual collaboration in services, especially, healthcare, education, tourism, financial services, digital and artificial intelligence-based services.

India can play a vital role in lowering healthcare costs in ASEAN countries, as it can provide international standard drugs and formulations at a very reasonable cost, he said.

ASEAN was the second largest trade partner of India in 2017-18,with a share of 10.58 per cent in India’s overall trade. Bilateral trade between the two sides grew more than threefold from $21 billion in 2005-06 to $81.33 billion in 2017-18. (DS)

Fibre2Fashion News Desk – India

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