India & ASEAN Trade Relations
The partnership between India and Association of South East Asian Nations (ASEAN) countries
is a decade old. The ASEAN countriesprise of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The
best part being, trade between both India and ASEAN has been developing at a swift pace.
India reportedly is the sectoral dialogue partner of ASEAN since
1992. However, at the fifth ASEAN summit in Bangkok in 1995, India assumed the status of a full dialogue partner on popular demand. In fact India and ASEAN
have been organizing summit level meetings on an annual basis since 2002.
In additions, Free Trade Agreement (FTA) was inked by India and ASEAN
countries in August 2009 in Bangkok.
The Union Minister ofmerce and Industry, Mr Anand Sharma, signed the ASEAN-India Free Trade Agreement in
Goods with ASEAN economic Ministers formon 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, mencing from January 1, 2010.
Also, tariffs on sensitive products will be brought down by 5 per
cent in 2016, while tariffs will remain as it is for around 489 items of sensitive products.
ASEAN is India's 4th largest trading partner after the
EU, US and China. Indo-ASEAN trade relations have been scaling up at apounded annual growth rate of 27 percent since 2000. In 2007-08, the trade stood at
US$38.37 billion. In the last financial year, it was over US$ 40 billion. By 2010 India and ASEAN plan to achieve an ambitious target of US$ 50
India and Singapore enjoy good trade relations. Besides, the country is considered to be a getaway to ASEAN and china. The
signing of theprehensive Economic Cooperation Agreement in 2005 has provided a fresh impetus to trade relations between the two nations. The Singaporepanies to a greater extent have started engaging themselves in infrastructure and real estate projects in India and even have been looking forward to associate
with logistics andmunication 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 major 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 Data
Processing Storage Units, Other Monolithic Integrated Circuits, P-Xylene, Monolithic Digital Integrated Circuits, Radio Transmission Apparatus with Reception
India's major 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 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 trade relations have witnessed exponential growth since 1991. Malaysia's largest trading partner is India, while Malaysia is India's second largest trading
partner in the Association of South East Asian Nations (ASEAN).
India's major 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 products.
The bilateral trade between India and Myanmar is likely to clock $1 billion in 2009-10,
up from $951 million in 2008-09.
India's imports from Myanmar: While teak, timber, maize and pulses
India's major exports to Myanmar: Steel, cement,
fertiliser and pharmaceuticals
India and Indonesia are considered as Asia's largest democracies. However, it is only after a gap of five
years both the countries came together for trade relations. The last time both the countries entered into a trade relationship was in 1950s. Right through 2009, both
countries got engaged in putting up numerous seminars, exhibitions, festivals and top visits to build bilateral relations.
In 2008-09 India exported goods worth
US$ 1.82 billion to Indonesia.
India's major 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.
Mutual trade between the
two countries clocked US$4.11 billion in 2007-08 as opposed to US$ 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
India- Thailand is targeting US$ 10 billion bilateral trade in 2010.
The bilateral trade between the two countries remains
"modest", with the trade balance being 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 major imports from Vietnam: Pepper, rubber, puter hardware and electronic
products, cinnamon bark and spices, and garments and textile products.
The key areas where Indian exports could make an impact in the Vietnamese
market include information technology (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.
The trade between India and Philippines was worth
US$ 823.69 million in 2007-08. During the period between April-December 2008-09, India exported goods worth US$574.22 million to Philippines. India' major 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;
India's major imports from Philippines: Electrical and electronic machinery and equipment; iron and steel; machinery; vehicles; autoponents, newsprint paper and paperboard; animal or vegetable fats and oils; organic chemicals.
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.