ASEAN Financial News

Canada’s status within the Indo-Pacific region is set to get a boost as the Association of Southeast Asian Nations prepares to make Ottawa its latest strategic partner when Prime Minister Justin Trudeau visits Indonesia.

Narendra Modi will visit Indonesia's capital Jakarta on September 6 and 7 to attend the ASEAN-India and East Asia summits, said the Ministry of External Affairs in an official statement on Saturday. Shoring up India's trade and security ties with the 10-nation Association of Southeast Asian Nations (ASEAN) is likely to be the focus of Modi's engagement with leaders of the bloc, according to PTI reports.

External Affairs Ministry said on Saturday.PM Modi will be in Jakarta at the invitation of the President of Indonesia, Joko Widodo. The Prime Minister's visit to Indonesia comes ahead of the G20 Summit to be held in New Delhi on September 9-10 under India's Presidency this year. Indonesia is part of the G20 'troika' as it had the presidency of the grouping last year. The forthcoming ASEAN-India Summit will be the first Summit since the elevation of ties between India and the Association of South East Asian Nations bloc of countries to a Comprehensive Strategic Partnership in 2022. The foreign ministry said that the the Summit will review the progress of India-ASEAN relations and chart the future direction of cooperation. According to a statement, the East Asia Summit would provide an opportunity for leaders of ASEAN countries and its eight dialogue partners, including India, to exchange views on issues of regional and global significance. In August, ASEAN-India Economic Ministers met in Indonesia and the main agenda of this year's meeting was the timely review of the ASEAN-India Trade in Goods Agreement (AITIGA) which was signed in 2009. A joint committee agreed to a regular, quarterly schedule of negotiations, which would conclude the review of the ASEAN-India FTA in 2025. In 2018, Prime Minister Narendra Modi visited Jakarta at the invitation of Indonesian President Widodo.

India and the Association of Southeast Asian Nations (Asean) are likely to revaluate duty cuts, non-tariff measures, safeguard and anti-dumping duties as part of the review of their existing free trade agreement. While the scope of the review of the Asean-India Trade in Goods Agreement (AITIGA) would be decided at the leaders' meeting next month, sources said that the two sides have agreed on exclusion lists, origin rules and technical barriers to trade to be part of the review. New Delhi also sought an evaluation of the services agreement but the grouping is not on board for the same, people familiar with the matter said. The Asean-India Trade in Services Agreement was signed in November 2014 and contains provisions on transparency, domestic regulations, recognition, market access, national treatment and dispute settlement. «India has been asking for a review for more than five years. Asean has agreed for some provisions and there are concerns on others,» said an official. India has asked for a review of the agreement to eliminate barriers and misuse of the trade pact.

India and the 10-nation bloc Asean on Monday said they have directed their officials to intensify their efforts to conclude the review of the existing free trade agreement in goods between the two regions by 2025. The issue was discussed during the twentieth AEM (Asean Economic Ministers)-India Consultation meeting, held at Semarang, Indonesia. According to a joint media statement, the meeting welcomed the progress of the review of the Asean-India Trade in Goods Agreement (AITIGA).

free trade agreement on goods between India and the 10-nation Asean bloc may be taken up during a meeting in Indonesia on Monday, an official said. The issue will come up for discussion and decision during the India-Asean economic ministers meeting on Monday. The meeting is being held on the sidelines of the ongoing meeting of the Economic ministers of ASEAN.

Narendra Modi is reportedly scheduled to travel to Indonesia for the East Asia Summit and the India-ASEAN Summit next month. Mint looks at India’s ties with ASEAN countries.

Reuters further reported Biden is not anticipated to travel to Indonesia. Furthermore, a Washington-based ambassador representing an ASEAN member revealed that Indonesia was informed on Monday about Biden's decision to not attend. Asked if it was correct that Biden would not be going to Indonesia, a senior White House official told Reuters on Tuesday: "We're still working on it ...

trade deal signed under the UPA era is one of the most ill-conceived deals, commerce minister Piyush Goyal said on Thursday at an industry event. In FY23 alone, the trade gap ballooned by 70% to reach $43 billion. India mostly imports capital goods, raw materials and intermediates from Asean, the tariff concessions under the free trade agreements (FTAs) have also been advantageous to many sectors and adversely impacted domestic companies, especially chemicals and metals manufacturers.

China, with Russia in tow, found themselves endorsing a document that embraces the Indo-Pacific as a viable regional construct. This goes against the grain of Chinese opposition to Quad.

China and Southeast Asian nations have agreed to try to conclude within three years a long-delayed nonaggression pact aimed at preventing frequent territorial spats in the busy South China Sea from turning into a major armed conflict

NEW DELHI : India has initiated talks with the Association of Southeast Asian Nations (Asean) to address concerns over the rules of origin and trade imbalance. The move is part of ongoing efforts to renegotiate the trade agreement following a significant increase in the trade deficit with the 10-member block. In FY23 alone, the trade gap ballooned by 70% to reach $43 billion, according to a government official familiar with the matter.

Foreign direct investment (FDI) in developing countries in Asia remained flat year-on-year at $662 billion during 2022, despite clocking about half of global inflows, the United Nations Conference on Trade and Development (UNCTAD) said Wednesday in its World Investment Report 2023. India and ASEAN were the most buoyant recipients, with increases of 10 and 5%, respectively, and strong growth in project announcements, it said. FDI inflows were higher in developing countries compared with those in developed economies.

As the digital age continues apace, central and private banks across the world are experimenting with technology to promote faster, smoother and more secure economic transactions. In the ASEAN (Association of Southeast Asian Nations) region these changes have been significantly promising.