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DAILY NEWS ANALYSIS

  • 25 August, 2021

  • 5 Min Read

India – ASEAN Trade

India – ASEAN Trade

  • Union Minister of State for Commerce and Industry Ms Anupriya Patel today inaugurated the “India-ASEAN Engineering Partnership Summit” organised by the Engineering Exports Promotion Council (EEPC) with the support from the Ministry of External Affairs and the Department of Commerce.
  • The focus of today’s summit is on collaborations in the engineering sector. The summit offers an important platform for engagement of Indian industry on India-ASEAN partnership in engineering trade and investments.
  • This forum will also be instrumental in achieving the landmark export target set by the government both in terms of engineering as well as merchandise exports.
  • She said engineering exports constitute one-fourth of the merchandise exports and are the largest foreign exchange earners among all export sectors and the performance of engineering exports has been remarkable in the last few years.
  • ASEAN, with over 15 per cent share in India’s global engineering shipment, is likely to be a key region to focus on with a target of around USD 16 billion of exports for 2021-22.
  • She added, as one of the largest destinations for Indian exports, ASEAN will be an important region for India with an export target of US$ 46 billion in meeting the global export target of US$ 400 billion in financial year 2021-22.
  • ASEAN as a region is the third largest export destination of Indian engineering products after EU and North America.
  • Among the ASEAN member nations, Singapore and Malaysia are major export destinations for Indian engineering products.
  • Further in her address, Ms. Patel said that both India and ASEAN have large share of skilled population, robust service and manufacturing sectors and there are many complementary sectors and products available for greater cooperation.
  • With a combined economy of approx. US$ 5.8 trillion, there is significant potential for enhancing trade and investment partnership between India and ASEAN.
  • She said Government has taken numerous measures to make India an even more attractive destination for foreign direct investment. Ms. Patel further said that Prime Minster of India has set a target of USD 400 billion of merchandise exports for fiscal 2021-22 and also envisioned a roadmap to achieve this milestone. As a part of the ‘Atmanirbhar Bharat Abhiyaan’.
  • The Government has recently approved the Production-Linked Incentive (PLI) Scheme worth US$ 26 billion covering 13 sectors, including electronics, pharmaceuticals, solar modules, speciality steel, automobiles, and medical devices for attracting investment and enhancing India’s manufacturing capabilities.
  • This year is special for both partners as it marks the 25thanniversary of the India-ASEAN dialogue partnership and 10 years of the Strategic Partnership.

Source: PIB


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