KUALA
LUMPUR: Asean and India can deepen and broaden ties in the healthcare, digital
economy, logistics and small and medium enterprises space.
Asean-India
Business Council co-chair Datuk Ramesh Kodammal said the trade volume remains
low compared to other Asean trade partners.
"This
could be due to the lack of awareness of the opportunitied and benefits under
the three core agreements," he said in a media briefing.
He was
referring to the Trade in Goods Agreement, Trade in Services Agreement and
Investment Agreement.
Despite
substantial elimination of import duties the trade volume remains low.
Asean-India
trade averaged 2.7 per cent of Asean global trade between 2012 and 2015.
"It
is a far cry from the target trade value of US$100 billion which was set by the
leaders of both economic regions." He said the private sector had yet to
fully tap the economic potential since the FTA was implemented in 2010.
The AIBC
is organising the ASEAN-India Business Leadership Conclave 2016 to highlight
opportunities in healthcare, digital economy, logistics and small and SMEs.
With its
"Make in India" initiative in place, India offers investment
opportunities to the Asean members. The AIBC was reactivated in 2014.
Rupa
Damodaran
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