Ahead of the India-ASEAN Summit next week, the industry has pushed to prioritize the expansion of the scope of the Bilateral Air Services Agreement to enable easier cargo movement. The confederation of Indian Industry has also suggested collaboration and support between the startups. Collaboration of digital payments, e-commerce and cybersecurity, home healthcare, e-pharmacy, and fitness and wellness apps.Â
The Confederation of Indian Industry (CII) has also said that Indiaâ€™s pharmaceutical industry can become a key supplier of generic drugs, medical devices, and vaccines to the ASEAN nations. Association of Southeast Asian Nations (ASEAN), comprises 10 countriesâ€”Indonesia, Thailand, Singapore, Malaysia, the Philippines, Vietnam, Myanmar, Cambodia, Brunei, and Laos.
A regional approach to energy security will help manage its supply and demand in crucial requirement of these high-growth economies,â€ CII said in its report titled â€œASEAN-India: Identifying emerging opportunities togetherâ€. The report said that India has started collaborating with a few ASEAN countries namely Vietnam and Myanmar in areas such as renewable energy, and the development of refineries.
The report said that India has started collaborating with a few ASEAN countries namely Vietnam and Myanmar in areas such as renewable energy, and the development of refineries.
With the disruption caused by COVID-19, India was able to efficiently use technology and swiftly strengthened digitalisation. Moreover, after the success of the Co-Win app, India is willing to support and provide support to other countries..India can support countries who may want to useCO-WIN or design a similar digital vaccination management system, according to the industry chamber. The industry report highlighted that an ASEAN Visa and the cross-country exchanges related to cultural and leisure programs will go a long way in increasing people-to-people connectivity and potentially boosting Small and Medium Enterprises,â€ CII said in its report.
ASEAN-India trade witnessed a decline of 9.2 per cent in the financial year of 2020-21 owing to the pandemic and ASEANâ€™s trade expansion with the US and China. The decline in trade and Indiaâ€™s increasing trade deficit in the last few years have led to a call for a review of free trade agreements (FTA) with ASEAN as India targets a better trade balance. The CII in the statement said that the review would be aimed at issues such as removal of non-tariff measures especially in the auto and agriculture sectors, and rules of origin.
After the FTA finalization, this is crucial and it holds its own significance. Indiaâ€™s imports from ASEAN continued to increase smoothly, in comparison with exports.
.As a result, Indiaâ€™s trade deficit increased to USD 15.9 billion in the financial year 2020-21from $4.9 billion in the previous year.
As a result, Indiaâ€™s trade deficit increased to USD 15.9 billion in the financial year 2020-21from $4.9 billion in the previous year.