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India & ASEAN Trade Relations

The partnership between India and Association of South East Asian Nations (ASEAN) countries is a decade old. The ASEAN countries comprise of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The finest component becoming, trade between both India and ASEAN has been creating at a swift pace.
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India reportedly is the sectoral dialogue partner of ASEAN because 1992. But, at the fifth ASEAN summit in Bangkok in 1995, India assumed the status of a full dialogue partner on well-liked demand. In reality India and ASEAN have been organizing summit level meetings on an annual basis given that 2002.
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In additions, Free of charge Trade Agreement (FTA) was inked by India and ASEAN countries in August 2009 in Bangkok.

The Union Minister of Commerce and Business, Mr Anand Sharma, signed the ASEAN-India No cost Trade Agreement in Goods with ASEAN economic Ministers for frequent economic gains.

As per ASEAN-INDIA FTA, the ASEAN member countries and India will do away with at least 80 percent of import tariffs between 2013 and 2016, commencing from January 1, 2010. digital electronic projects

Also, tariffs on sensitive products will be brought down by five per cent in 2016, even though tariffs will stay as it is for around 489 items of sensitive products.

Trade

ASEAN is India's 4th largest trading partner immediately after the EU, US and China. Indo-ASEAN trade relations have been scaling up at a compounded annual growth rate of 27 percent because 2000. In 2007-08, the trade stood at US$38.37 billion. In the last monetary year, it was over US$ 40 billion. By 2010 India and ASEAN plan to accomplish an ambitious target of US$ 50 billion.

Singapore

India and Singapore enjoy excellent trade relations. Besides, the country is regarded as to be a getaway to ASEAN and china. The signing of the Comprehensive Economic Cooperation Agreement in 2005 has supplied a fresh impetus to trade relations between the two nations. The Singapore organizations to a greater extent have started engaging themselves in infrastructure and real estate projects in India and even have been searching forward to associate with logistics and communication sector, healthcare, education and training, retail and the automotive sectors.

They are also embarking onto developmental and planning projects like roads, ports, airports, power and telecom sector.

India's key exports to Singapore

Crudes, Parts & Accessories Of Automatic Data Processing Machines, Automatic Data Processing Input And Output Units, Motor Spirit Refined Premium Leaded, Styrene, Automatic Information Processing Storage Units, Other Monolithic Integrated Circuits, P-Xylene, Monolithic Digital Integrated Circuits, Radio Transmission Apparatus with Reception Apparatus.

India's main imports from Singapore

Non-Industrial Diamonds Worked, Topped Crudes, Motor Spirit Refined Premium Leaded, Aluminium Unwrought, Benzene, Articles Of Jewellery Of Other Precious Metal Whether or not Or not Plated Or Clad With Precious Metal, Other Medicaments Packed For Retail Sale, Parts Of Boring Or Sinking Machinery, Static Converters, Other Medical Surgical Dental Or Veterinary Instruments & Appliances

Malaysia

India-Malaysia trade relations have witnessed exponential growth given that 1991. Malaysia's largest trading partner is India, whilst Malaysia is India's second largest trading partner in the Association of South East Asian Nations (ASEAN).

India's significant exports to Malaysia: Meat and meat preparations, sugar, rice (other than basmati), wheat, fresh vegetables and fruits, cotton yarn, RMG cotton and accessories, primary and semi-finished iron, made-ups, fabrics, machinery and instruments, electronic goods and metal manufactures.

India's major Imports from Malaysia: Crude Petroleum, Palm Oil, Electronic & Electrical products, Chemicals & Chemical products and Petroleum items.

Myanmar

The bilateral trade between India and Myanmar is likely to clock $1 billion in 2009-10, up from $951 million in 2008-09.

India's imports from Myanmar: Even though teak, timber, maize and pulses

India's significant exports to Myanmar: Steel, cement, fertiliser and pharmaceuticals

Indonesia

India and Indonesia are considered as Asia's largest democracies. Then again, it is only soon after a gap of five years both the countries came together for trade relations. The last time both the countries entered into a trade relationship was in 1950s. Right through 2009, both countries got engaged in putting up many seminars, exhibitions, festivals and leading visits to develop bilateral relations.

In 2008-09 India exported goods worth US$ 1.82 billion to Indonesia.

India's key exports to Indonesia - organic chemicals, mineral fuels and ships and boats.

India and Indonesia have entered into a memorandum of understanding (MoU) for collaboration in the field of agriculture and allied sectors.

Thailand

Mutual trade between the two countries clocked US$four.11 billion in 2007-08 as opposed to US$ 3.18 billion in 2006-07. In between April-December 2008-09 India exported goods worth US$ 1.44 billion to Thailand. The sectors in India that have seen Thai investment in the areas of hotel & tourism, food processing, trading and chemicals.

India- Thailand is targeting US$ 10 billion bilateral trade in 2010.

Vietnam

The bilateral trade between the two countries remains "modest", with the trade balance becoming in India's favour. Bilateral trade clocked US$ 1.77 billion in 2007-08 from US$ 1.14 billion in 2006-07. From April-December 2008-09, India's exports to Vietnam was worth almost US$ 1.13 billion.

India's main imports from Vietnam: Pepper, rubber, laptop or computer hardware and electronic products, cinnamon bark and spices, and garments and textile items.

The key areas where Indian exports could make an impact in the Vietnamese market incorporate info technologies (IT) and IT training, agro and food processing, railways, energy and alternate energy, veterinary manufacturing plant, tea processing machinery, textile machinery, and power transmission and generation.

Philippines

The trade between India and Philippines was worth US$ 823.69 million in 2007-08. Throughout the period between April-December 2008-09, India exported goods worth US$574.22 million to Philippines. India' main exports to Philippines: Frozen buffalo meat rubber and articles thereof oil seeds and olea etc. vehicles iron and steel residues and waste from food industries tobacco pharmaceutical items.

India's key imports from Philippines: Electrical and electronic machinery and equipment iron and steel machinery vehicles auto components, newsprint paper and paperboard animal or vegetable fats and oils organic chemicals.

Cambodia

In 2007-08, the trade between the two countries stood at US$56.32 billion in 2007-08.

IN April-December 2008-09, India exported goods worth US$ 35.94 million.

India's major exports to Cambodia - pharmaceuticals, coffee, tea, spices and cotton.