14.7 C
New Delhi
Monday 16 December 2019
Economy India signs agreement with ASEAN amid concerns of lack...

India signs agreement with ASEAN amid concerns of lack of reciprocity

Nay Pay Taw, Myanmar — As announced in सिर्फ़ News on 3 September, India has formally signed the Trade in Services & Trade in Investments Agreement with ASEAN. The Services Agreement will open up opportunities of movement of both manpower and investments from either side between India and ASEAN; 9 out of 10 ASEAN countries have signed it already. The Philippines is completing its domestic procedure and it is expected to sign the agreement soon.

It may be mentioned that India-ASEAN Agreement on Trade in Goods was signed in 2009 and became effective from 2010. The trade agreement has boosted the total trade between India and ASEAN substantially in the past four years.

Caveat
The services agreement includes commitments on market access, domestic regulations and mutual recognition of qualifications of professionals, but individual Asean countries have offered different levels of market opening to India. The bloc includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Sources in the government say, while countries like Malaysia and Singapore, with which India has separate FTAs, are more comfortable with higher levels of liberalisation, others like Vietnam and Philippines are more closed and fear competition from the English-speaking Indian workforce. Hence, the ten countries have given offers based on their levels of comfort. 

It may be noted that this Agreement on Services & Investment was scheduled to be signed in Nay Pay Taw, Myanmar, during the ASEAN Economic Ministers (AEM) meeting on 26th August, 2014. However, in view of the launch of Prime Minister’s Jan Dhan Yogana for inclusive banking, Minister of State (Independent Charge) Commerce and Industry Nirmala Sitharaman (who was in-charge of the launch of the scheme) could not attend the AEM. She, however, deputed the senior officers from the Ministry of Commerce who attended all the important meetings and consultations on her behalf.

The minister reiterated the deep historical, cultural and economic ties with ASEAN-India values its economic partnership with ASEAN. The signing of the agreement in Services & Investment is reflective of India’s deep commitment to have a strong institutional architecture for economic ties with ASEAN. As part of this economic vision, India is also part of the RCEP negotiations which presently being discussed between ASEAN and its six partner countries.

Key features of the Trade in Services Agreement

  • The Trade in Services Agreement with the ASEAN contains all features of a modern and comprehensive agreement on services and is in line with the other bilateral agreements that India has signed so far. Some of the important articles contained in the agreement are ones on transparency, domestic regulations, recognition, market access and national treatment, increasing participation of developing countries, joint committee on services, review, dispute settlement and denial of benefits.
  • Both India and ASEAN member states have taken GATS plus commitments in various services and modes of supply. Each ASEAN member state has tabled individual schedule of commitments which are equally applicable for India and other ASEAN member states. India on the other hand has tabled 3 schedules of commitments one for Philippines, 1 for Indonesia and 1 for the remaining eight ASEAN member states. It was also agreed by India that in order to increase participation of the least developed countries no additional requests would be tabled to the CLMV countries (Cambodia, Lao, Myanmar and Vietnam). All the 3 schedules tabled by India are well within the existing autonomous regime of India.
  • A brief annex on movement of natural persons (one of the key areas of interest for India) has been included in the agreement. This annex defines business visitors, intra corporate transferees (managers, executives and specialists) and contractual service suppliers. This will help provide commercially meaningful market across in ASEAN for our professionals, including those from the IT/ITeS sector. Independent professionals have not been defined in the annex.

Subscribe to our newsletter

You will get all our latest news and articles via email when you subscribe

The email despatches will be non-commercial in nature
Disputes, if any, subject to jurisdiction in New Delhi

Leave a Reply

Opinion

Justice That Is Instant Is Travesty

But neither the state nor society can wash their hands off this social craving for settling scores in the name of doing justice to the victim

Karnataka Voters Punished INC, JDS Leaders

Even the BJP was not confident of the result even as their leaders kept saying for public consumption they were winning all the 15 seats

The United States Of The World

The United States, stereotyped as the land of plenty and plentiful guns, is still a destination of choice for people from across the world

प्याज़ के आँसू न रोएँ — महंगाई से किसान, उपभोक्ता दोनों को फ़ायदा

जिस अल्प मुद्रास्फीति की वजह से वे सरकार से बहुत खुश थे, उसी 1.38 प्रतिशत की खाद्यान्न मुद्रास्फीति के कारण किसानों को अपने पैदावार के लिए समुचित मूल्य नहीं मिल रहे थे

CAB Can Correct Wrongs Of NRC

… if the government can fix the inept bureaucracy and explain what happens to those marked as aliens, as the neighbours are not taking them back
- Advertisement -

Elsewhere

NEFT transaction 24×7 beginning 16 December

NEFT is a method of online transaction, in which you can transfer to another bank account up to Rs 2 lakh online at a time

Decision to amend Citizenship Act 1,000% honest: PM Modi

'We have brought this law to give citizenship to minorities of Pakistan, Afghanistan and Bangladesh who have endured a lot of persecution'

Nirbhaya case convicts: Why 2 will take longer to die

Further, a source in the jail said while four rapists and killers of Nirbhaya are supposed to hang on one day, they have ordered 10 ropes

India to begin ODI series as favourites against West Indies

Shimron Hetmyer and Nicholas Pooran have shown their ability in T20; if the WI must challenge India, they will have to do the same in ODIs

‘Rahul Savarkar’ remark riles INC ally Shiv Sena

More newsworthy than the BJP's response that Rahul cannot even dream of being a Savarkar is the protest by Shiv Sena, INC's ally in Maharashtra

You might also likeRELATED
Recommended to you

For fearless journalism

%d bloggers like this: