ASEAN-India trade is likely to touch USD 100bns by the year 2020
To make India a 5 Trillion economy, business with Afro Asean countries is going to play a major role : Dr VL Indira Dutt, President , Andhra Chamber of Commerce
Chennai, 26th August, 2019– The Government of India presently working on a comprehensive strategy to boost India-African bilateral trade which is standing at US dollar 63 bns.,in financial year 2018 as against US dollar 52bn.,in financial year 2017. Almost all the African countries barring one have entered in to Free Trade Agreement. This is a very significant move from India’s point of view for a marketing reach. As per study by the World Bank, most African countries are expected to reach middle income levels by 2025 if current growth rate continue.
In a bid to transform trade and business sectors in India and to discover and nurture its growth, Andhra Chamber of Commerce announced “BUSINESS MEET ON AFRO ASEAN TRADE” that aims to focus on creating a platform for discussion and dialogue in promoting trade and business between India and select African and ASEAN countries .
The key objective of the business is to provide import and export trade between the countries in creating fair opportunities among them and to familiarize the procedural aspects in the bilateral trade. The meet will form and connect product based common interest group (CIG) that comprise, the members of the chamber and other participants and representatives from the participating countries.
“Trade and investment go hand in hand, we have to convert business into opportunities and our focus on this business meet is to create those opportunities in promoting bilateral trade business between the countries. Similarly bilateral trade between ASEAN and India has crossed USD 80bns. which not only shows growing confidence but also constitutes the highest volume of trade in goods that ASEAN and India have witnessed since 2010. If this growth continues, ASEAN-India trade is likely to touch USD 100bns., by the year 2020” says Dr. V.L. Indira Dutt, President Andhra Chamber of Commerce .
Myanmar, one of the important members of ASEAN, is considered as gateway to our Eastern neighbors. Indian Pharmaceutical industry is present significantly there. While Myanmar imports finished goods and IT in services it offers agricultural produce and other raw materials. The major sectors for India’s exports include electronic goods, vegetables, rice, sugar, textile , dairy to countries like Malaysia, Ghana , and Myanmar.
Automobile exports is prevalent in Kenya. Some of the imports from African countries include, coffee beans, tea, metal scraps, wood, semi precious stones , cotton and beans.
“It is extremely heartening to see that both India and several African countries maintain high economic growth rates over the recent past and today even as the global economy is faced with several debilitating trends. The two regions are seen as the bright spots in the global map of development. There is also dialogue between the governments addressing issues such as logistics, smoothing trade barriers etc., “ she adds.