Barriers that impede India-ASEAN trade must be removed: Sitharaman
The Dollar Business Bureau Commerce and Industry Minister Nirmala Sitharaman said on Thursday that if India and ASEAN (Association of South East Asian Nations) countries were to recognize their full potential for business then they need to fast-track the ‘corridors of connectivity’ to ‘corridors of trade’. “Barriers that impede trade must be removed besides enhanced utilization of the Free Trade Agreement (FTA),” she said while speaking at the ASEAN-India Expo and Forum, being held in Bangkok from August 2-5. Sitharaman said that for trade promotion, the introduction of non-tariff measures such as facilitating customs and operation procedures have to go a long way to ensure smooth movement of goods and services between the partner nations. The Minister termed Act East policy of India as “the pillar of its foreign policy”, ...
Myanmar and Indias bilateral trade has a larger untapped potential, Sitharaman
The Dollar Business Bureau The 6th India – Myanmar Joint Trade Committee (JTC) Meeting co-chaired by the Commerce minister Nirmala Sitharaman and Dr. Than Myint, Union Commerce Minister from Myanmar was held on June 27, 2017 at New Delhi. Myanmar is India’s gateway to South East Asia and ASEAN with which India is seeking greater economic integration through the ‘Act East’ Policy. The country shares a long land border of over 1600 kms with India as well as a maritime boundary in the Bay of Bengal. India’s trade with Myanmar grew by 6.01% from $2.05 bn in 2015 -16 to $2.18 bn in 2016-17. The total export achieved in 2016-17 was $1.11 bn, reflecting an annual growth of 3.79% while the ...
Chinese envoy proposes action plan to resolve Sino-India differences
The Dollar Business Bureau Extending an olive branch to India, Chinese envoy Luo Zhaohui proposed a four-pronged plan to resolve disputes, and further a friendly Sino-Indian bilateral cooperation. “Firstly, start negotiation on a China-India Treaty of Good Neighbourliness and Friendly Cooperation. Secondly, restart negotiation of China-India Free Trade Agreement. Thirdly, strive for an early harvest on the border issue. Fourthly, actively explore the feasibility of aligning China’s ‘One Belt One Road Initiative, and India's 'Act East Policy',” Luo said, in his address to the United Service Institution on May 5, 2017. While many sensitive issues, including China’s opposition to India’s Nuclear Suppliers Group (NSG) membership, have put daylight between the two nations, this move showcases China’s willingness to meet India half-way through. Speaking ...
Modi calls for value-addition to create jobs
The Prime Minister inaugurated a Rs.10,000-cr petrochemical plant that will make raw material for manufacturing plastic and a wax making unit at an oil refinery in Dibrugarh Source: PTI Prime Minister Narendra Modi inaugurating the Brahmaputra Cracker and Polymer Ltd., at Dibrugarh, Assam on Friday. Seeking to create more jobs, Prime Minister Narendra Modi on Friday called for value-addition of natural resources and creation of ancillary units that will help reduce imports as well as generate employment. Inaugurating a Rs.10,000-crore petrochemical plant that will make raw material for manufacturing plastic and a wax making unit at an oil refinery in Dibrugarh, Modi said his governments priority is to develop Northeast as it believes in all-round development of the nation. He exhorted the youth of ...
Opportunity for Brunei to enhance exports of hydrocarbon to India
The Vice President said that India was willing to set up a fertilizer plant in Brunei for producing fertilizers using of the hydrocarbon resources available in that country The Dollar Business Bureau As demand for energy expands in India, the opportunity to enhance exports of hydrocarbon to India continues to grow Indias growing energy requirements offer Brunei an opportunity to enhance exports of hydrocarbon to India, besides moving beyond the typical seller-buyer relationship, Vice President Hamid Ansari said on Wednesday. As India embarks upon a sustained high growth trajectory, the energy requirements in India are increasing. This offers Brunei an opportunity to enhance export of hydrocarbon to India. There is tremendous potential to diversify and do value-addition in the hydrocarbon export chain, said ...
India seeks to forge deeper economic partnership with ASEAN
The Dollar Business Bureau With an aim to boost economic and trade partnership with the ASEAN members, Modi had, at the 12th ASEAN-India Summit held in Myanmar in November 2014, pitched for the “Act East Policy” and had jointly created ASEAN-India Free Trade Area With the Prime Minister Narendra Modi’s upcoming visit to Malaysia, India is eyeing a more robust economic integration with the ASEAN countries. Modi is schedule to be on a two-day visit to Kuala Lumpur to attend the 13th ASEAN-India Summit on November 21 and the 10th East Asia Summit on November 22. With an aim to boost economic and trade partnership with the ASEAN members, Modi had, at the 12th ASEAN-India Summit held in Myanmar in ...
US, India,Japan to work together to maintain maritime security
Source : PTI Highlighting the growing convergence of India, Japan and US interests in the Indo- Pacific region, the three nations underscored the importance of international law, peaceful settlement of disputes and freedom of navigation, including in the South China Sea. External Affairs Minister Sushma Swaraj, her Japanese counterpart Fumio Kishida and US Secretary of State John Kerry attended the first US-India-Japan Trilateral Ministerial dialogue in New York during which they agreed to work together to maintain maritime security through greater collaboration. In a media note released after the meeting on Tuesday, the three ministers highlighted the growing convergence of their respective countries' interests in the Indo-Pacific region. “They also underscored the importance of international law and peaceful settlement of ...
India, South Korea upgrade bilateral ties to Special Strategic Partnership
The Dollar Business Bureau India and South Korea on Monday agreed to upgrade the bilateral relationship to a “Special Strategic Partnership”. The two sides have decided to renew the existing cooperation in the areas of defence, foreign affairs, trade and investment, science and technology, and regional cooperation. Indian Prime Minister Narendra Modi and Park Geun-hye, President of South Korea, also agreed for cooperation in many other areas. While President Park informed the Indian prime minister about his country’s Northeast Asia Peace and Cooperation Initiative (NAPCI), the latter welcomed South Korea’s desire to enhance cooperation and security among countries of the Asia-Pacific region. Both the sides agreed to work together and achieve shared goals through India’s Act East Policy and ...
