New Delhi: India strengthens its economic engagement throughout Asia and leads business talks with Singapore and the Association of Nations Southeast Asia (ASEAN) to expand the market access, update business agreements and increase cross -border connection.
Outreach comes as a new brace in Delhi for the impact of recently announced US reciprocal tariffs on a number of Indian goods, a step that could push the export income on one of the largest markets in the country.
The measures have also sharpened the focus of the government on the diversification of business relations and deepening ties with rapidly growing Asian partners.
Also read | Trump 25% tariff can redirect Indian automatic dreams
The Ministry of Trade said on Friday that India had, a day earlier, 4. The meeting of the joint working group India-Singapore for Trade and Investment (JWGTI), where higher officials discussed trade, promotion of investment, supply chain resistance and streamlining regulations.
Interviews, co -chairwoman of Rajesh Agrawal, a special Indian secretary in the business department, and Beh Swan Gin, Singapore’s Permanent Secretary of Trade and Industry, came when both countries meant 60 years of diplomatic relations and 20 years of their comprehensive economic cooperation agreement (CECA).
Jwgti watched the ministerial round table between two nations a day earlier and strengthened the Singapore role of the regional shopping and investment center and the Indian position of one of the fastest growing large economies, the Ministry of Commerce said.
“Discussions during JWGTI focused on deepening bilateral business and investment ties, identifying priority sectors for greater alignment, improving logistics and supply chains, streamlining regulatory frames and exploring ways to facilitate cross -border trade,” he added.
Also read | The central scale to rework the export plan, as US tariffs hit India, prefer ASEAN
In the same city, from 10 to August 14, India hosted the tenth meeting of the Mixed Committee on the Agreement on the Agreement (Aitiga) ASEAN-India, along with seven subcommittee sessions aimed at updating the 15-year Pact.
The co -chairmen of Nitin Kumara Yadava, another Indian secretary in the store department, and Mastura Ahmad Mustafa, deputy Secretary -General for Trade in Malaysia, was built on eight previous negotiating rounds.
The aim of the review is to increase more efficient, more accessible and favorable to Aitiga trading more efficient, more affordable and favorable trading, the Ministry of Trade said, the Ministry of Trades will state.
Certainly, Asean Bloc and Singapore remain key business partners for India.
Also read | Indian trade agreement with Asean becomes the victim of Trump’s tariffs
In FY25, Indian exports of goods to ASEAN, of which Singapore is a member, fell by 5.45% year -on -year to $ 38.96 billion, while imports increased by 5.64% to $ 84.16 billion, according to the Ministry of Commerce.
The next meeting of the Aitiga Committee will take place 6.-7. October at the Asean Secretariat in Jakarta, Indonesia, with Malaysia as a host.
According to data, Singapore is the largest Indian business partner within ASEAN with a total bilateral trade of $ 34.26 billion in the years 2024-25.
It is also the second largest Indian source of direct foreign investment with capital inflows of $ 163.85 billion (USD) ( £11,24 trillion) between April 2000 and July 2024, which represents about 24% of the cumulative influx of India.
(Tagstotranslate) India
