A prominent Indian commerce and industry association said the country’s Free trade agreement (FTA) with Association of Southeast Asian Nations (ASEAN) has increased access for both Indian and ASEAN companies into each other’s markets.
A survey by the Federation of Indian Chambers of Commerce and Industry (FICCI) said “FTA has opened up more opportunities for Indian industries in terms of greater market access for their products in the ASEAN region.”
The FTA signed in August 2009 with 11 ASEAN member countries, which will lift import tariffs on more than 80 percent of traded products between 2013 and 2016, became operational in 2010.
“Fifty-nine percent of respondents foresee no negative impact of duty reduction in the domestic market,” said the study conducted on 78 companies across sectors.
The study said 20 percent respondents in sectors like engineering products, processed food, textiles, garments, plantation crops and auto parts have reported a fast pace of imports from ASEAN, while 72 percent said the sourcing of certain products from ASEAN countries has not had any “uneconomical” on Indian manufacturing.
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The government is expected to draw on S$53.7 billion (US$40 billion) from its reserves for this year and an additional S24 billion (US$17.8 billion) over the next three years to assist local companies transition into a post-pandemic business environment.
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