India can soon end the agreement with the Association of South East Asian Nations (ASEAN). Despite nine rounds of talks, the review of the free trade agreement with india is getting delayed. For this reason, this 2009 agreement can be canceled by India. According to a report, there is a lot of pressure from the indian industry regarding this.
India's interests have been hurt by the one-sided free trade agreement with ASEAN. According to a Hindustan Times report, a large section of the domestic industry wants that if the 10th round of talks is also not successful, then india should cancel this agreement. The 10th review meeting of the ASEAN-India Goods Trade Agreement (AITIGA) is expected to be held in delhi next month.
On behalf of india, the then Commerce minister Anand Sharma had signed this agreement in august 2009. He said, "The FTA implemented on 1 january 2010 has had an adverse effect on India. Due to its weak provisions, large-scale dumping of Chinese goods took place by 10 ASEAN countries. These include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, thailand and Vietnam."
The pace of review may increase
According to the report, an official said, ASEAN can speed up the process of review. More than two years have passed since this. The official said on the condition of anonymity, both sides agree to speed up the review. This will have a positive impact on trade. The target regarding the trade agreement is to reach a concrete result by 2025.
The indian industry is hopeful that the issue can be resolved by the 10th round of talks of ASEAN countries. There has already been a lot of delay in this. Therefore, now there is a need to resolve the issue quickly.
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