India's trade deficit with the Association of Southeast Asian Nations (ASEAN) has more than doubled since the implementation of the ASEAN-India Trade in Goods Agreement (AITIGA) in 2010.
India's trade deficit with the Association of Southeast Asian Nations (ASEAN) has more than doubled since 2010 (Photo: AFP/VNA)
New Delhi (VNA) - India's trade deficit with theAssociation of Southeast Asian Nations (ASEAN) has more than doubled since the implementation of the ASEAN-India Trade in Goods Agreement (AITIGA)in 2010.
Figures released by the Indian Ministry of Commerce and Industryshowed that India's exports to ASEAN member countries stood at 25.6 billion USDin the 2010-11, while imports from these nations amounted to over 30.6 billion USD.
In the fiscal year 2022-2023, India's exports to ASEANcountries were posted at 44 billion USD, but imports surged far ahead at 87.5 billionUSD during the same period.
The surge in imports not only eroded the gains fromincreased exports but also exacerbated the trade deficit, raising concernsamong policymakers and economists.
This trend also continued in fiscal year 2023-2024. Data fromApril 2023-January 2024 showed that India's exports to ASEAN reached 32.7billion USD, but imports were recorded at 68.5 billion USD.
Since 2010, bilateral trade has steadily expanded, hitting 131.5billion USD in the fiscal year 2022-23 while trade deficit also expanded infavour of ASEAN countries.
The discrepancy in trade performance can be attributed tovarious factors, including India's import policy evolution and tariff structures. India's transition from a restrictive trade policy regime toa more liberalised framework since 1991 has significantly influenced trade dynamics,leading to a surge in imports, particularly intermediate inputs.
🍎 Import tariff rates have undergone fluctuationsover the years, with the introduction of the Goods and Services Tax (GST) in2017 marking a milestone in trade policy reforms, according to experts. Despite the fact that India has taken steps to streamline trade proceduresand correct certain inversion of duties, challenges persist in achieving a morebalanced trade relationship with ASEAN, they added./.
The ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee held its third meeting from February 16-19 in New Delhi to review and discuss changes to the agreement.
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India's trade deficit with the Association of Southeast Asian Nations (ASEAN) has more than doubled since 2010 (Photo: AFP/VNA) 
