"India Seeks Distinct Tariff Plans with All ASEAN Partners for Trade"-

22 Jul, 2024

"India Seeks Distinct Tariff Plans with All ASEAN Partners for Trade"-

India is seeking to implement distinct tariff plans with all ASEAN partners as part of a strategic review of its trade agreement, which has been in place for nearly 15 years. The third round of discussions on this review will take place in Jakarta, Indonesia, from July 29 to 31, with both sides aiming to finalize the review by 2025. Instead of maintaining a uniform tariff schedule, India proposes to offer customized concessions to each of the 10 ASEAN nations.

This tailored approach is designed to enhance trade relations and economic cooperation, addressing the specific trade dynamics and needs of each ASEAN country. By negotiating distinct tariff plans, India hopes to secure more advantageous deals and foster mutual economic benefits. The introduction of varied duty concessions could lead to more favorable trade terms for India, benefiting a range of sectors and contributing to a more balanced trade environment.

The success of these negotiations will be pivotal in shaping the future of India-ASEAN trade relations, potentially unlocking new opportunities for economic growth and collaboration. This move aims to strengthen economic ties and create a more dynamic and beneficial trade partnership for all involved.