Page 141 - CW E-Magazine (26-12-2023)

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SEEKING SMOOTHER TRADE
Commerce ministry collating industry inputs

for India-ASEAN FTA review

The Commerce Ministry is collat- official was quoted as saying in the reason for this. In the review, India
ing inputs from exporters across sec- report. will point out the NTBs and seek a
tors on non-tariff barriers, including resolution,” the offi cial said.
unjust quality and technical stand- Growing trade deficit
ards and complex rules of origin, When the India-ASEAN FTA in The ASEAN, which includes
faced by them in ASEAN nations for goods, offi cially known as the ASEAN Indonesia, Malaysia, the Philippines,
an “effective” review of the ASEAN- India Trade in Goods Agreement Singapore, Thailand, Brunei, Viet-
India Free Trade Agreement, accord- (AITIGA), was implemented in nam, Laos, Myanmar and Cambodia,
ing to a repo rt in the Hindu Business- January 2010, India’s trade defi cit with accounted for 11.3% of India’s global
Line. the region was around $7.5-bn per trade in 2022-23.
annum. However, the deficit wide-
The review, which is taking place ned significantly to $43.57-bn in India experienced a worsening of
at the behest of India in order to 2022-23 with India’s exports to the the trade balance (deficit increased
address the gaping trade deficit it has region valued at $44-bn while its or surplus reduced) for 13 out of 21
with the ten-member ASEAN, is to imports were at $87.57-bn. sectors of product grouping, per an
be concluded by 2025. EXIM bank study of 2019. These
“There is a growing trade defi cit include value-added sectors such as
“The Commerce Ministry collec- between India and the ASEAN after chemicals and alloys, plastics and
ted inputs from various export sectors the FTA was implemented as exporters rubber, minerals, leather, textiles,
in November to frame demands for from the region have been able to take gems and jewellery. Sectors where
the review. The idea is to seek changes advantage of lowered tariffs but not trade deficit worsened accounted
that will result in greater market vice versa. Non-tariff barriers (NTBs) for approximately 75% of India’s
access on the ground,” an unnamed in the ASEAN could be one important exports to ASEAN.
ENERGY INFRASTRUCTURE
Essar group signs MoU with Gujarat Govt. to invest

Rs. 55,000-crore

The Essar group has signed a memo- hydrogen project. This involves an esti- announced an additional investment of
randum of understanding (MoU) with mated investment of Rs. 30,000-crore. Rs. 16,000-crore for phase-II expan-
the Gujarat government to invest Rs. Another group fi rm, Essar Power has sion at its Salaya power plant.
55,000-crore in energy transition, power
and port sectors. These projects would Thermax arm bags Rs. 500-crore
create over 10,000 job opportunities.
order for setting up 5 bio-CNG
Mr. Prashant Ruia, director at
Essar Capital, said, “Gujarat has consis- plants
tently been at the forefront of Essar’s
strategic investments. We are delighted Thermax has bagged an order worth Rajasthan, Madhya Pradesh, Maharashtra
to further contribute to the state’s more than Rs. 500-crore from a leading and Uttar Pradesh.
economic progress with an additional energy conglomerate to set up fi ve bio-
investment of Rs. 55,000-crore in the CNG plants across the country. The announcement was made at
energy infrastructure sectors.” The four-day-long Thermax Fest in Pune,
group plans to develop a 1-GW green These plants will be set up in held recently.

Chemical Weekly December 26, 2023 141

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