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Source: http://www.northeasttoday.in/aibc-delegation-to-visit-assam-calls-for-opening-trade-with-ne/

The Asean India Business Council (AIBC), a major regional group representing one of the biggest consumer markets in Asia, has presented a 14-point agenda of issues that needed to be resolved to enhance commerce and ease the flow of trade, to the economic ministers of Association of Southeast Asian Nations (Asean). Calling for close relations and opening of trade between the northeastern states of India and the Asean countries, the AIBC had a close-door meeting with union Minister of State for Commerce and Industry, Nirmala Sitharaman and proposed to send a business delegation in September to the northeastern states of India starting with Assam.

Submitting the 14-point agenda of issues that needed to be resolved to enhance commerce and ease the flow of trade, the AIBC said, “The set of recommendations are aimed at strengthening economic ties and smoothening businesses between Asean and India as well as facilitating a consultative process to address the issues that stand in the way for deepening our economic engagement.”

The visit was proposed by Habib Mohammed Chowdhury, Chairman of the AIBC Laos during an earlier meeting of the Council. The AIBC members unanimously accepted the proposal and informed their willingness towards co-operation with the visiting Indian minister. Sitharaman requested a comprehensive consultation for tariff and non-tariff barriers between Asean and India and said that all issues should be addressed and flagged out before the next round of discussions of the AEM-India. She said “India’s ‘Look East Policy’ has transformed into the ‘Act East Policy’ and added thyat the government is more determined to accelerate the economic growth between India and Asean in a bilateral and multilateral environment.

The AIBC asked that the Asean India Transit Transport Agreement (AITTA) should be finalized before the completion of the Trilateral Highway and a separate negotiation undertaken for the India-Myanmar-Thailand transit and transport agreement, which could later be extended to cover the entire Asean region. It proposed special arrangements for visas of AIBC members to encourage business and people-to-people exchange such as an India-Asean Travel Card for bona-fide travellers from India to Asean. On movement of skilled workers, the AIBC proposed a simpler system to facilitate intra-region transfers between India and the Asean.

To promote trade, investment and manufacturing ties, the AIBC suggested that the AEM set up the Asean Trade Fair as an annual event to be held in Asean and India. It said the trade fair in Asean could rotate with the presidency and the first one could be held in Manila to coincide with the AEM meeting in 2017 and India could be invited as a guest country. AIBC also called for a review of the Asean-India Trade in Goods Agreement and consider liberalization of tariffs on products placed in the Sensitive Track and Exclusion List, which are excluded from tariff concessions.

Source: http://www.vientianetimes.la/sub-new/Business/Business_India.htm

India is continuing to consolidate mutually beneficial economic engagement to support enhanced trade and investment with Asean countries, according to the Indian Ministry of Commerce and Industry.

Asean-India total merchandise trade in 2015 reached US$58.7 billion accounting for 2.6 percent of Asean’s total trade placing India as Asean’s sixth largest trading partner. Foreign Direct Investment (FDI) flows from India to Asean amounted to US$1.3 billion, placing India as Asean’s eighth largest source of FDI.

This was according to a Ministry of Commerce and Industry of India press release which was distributed during the recent Asean India Business Council (AIBC) meeting in Vientiane, which represents the voice of industry in India and Asean.

Meanwhile, India ranked as the 12th largest foreign investor in Laos in 2014 with its total investments amounting to more than US$163.7 million, according to the Lao Ministry of Planning and Investment.

As Asean-India trade relations have grown, investment flows between the two sides over the years have strengthened and expanded to encompass common interests in economic relations.

After having a consultative meeting last month in New Delhi the two sides have set recommendations aimed to strengthen economic ties and smooth business between Asean and India.

They also facilitated a consultative process to address the issues that stand in the way of deepening economic engagement.

India commended the establishment of the Asean Economic Community in 2015 as a major milestone in regional economic integration.

It also welcomed the new AEC Blueprint 2025, which envisages an AEC by 2025 that is highly integrated and cohesive, competitive, innovative, and dynamic, with enhanced connectivity integrated with the global economy.

During AIBC, economic ministers reiterated the importance of the implementation of Asean-India trade in services and investment agreements to further contribute towards elevating the two sides’ relations to a strategic partnership.

The AIBC also reaffirmed its commitment to further strengthen Asean-India economic cooperation with a view to address to enhance trade and industry activities on both sides

Source: http://www.easternfeed.com/asean-india-business-council-delegation-visit-assam-calls-opening-trade-northeast/

Calling for close relations and opening of trade between the north-eastern states of India and the Asean countries, the AIBC met Nirmala Sitharaman, the Union minister of state for commerce and industry, and proposed to send a business delegation in September to the north-eastern states

The Asean India Business Council (AIBC), a major regional group representing one of the biggest consumer markets in Asia, has presented a 14-point agenda of issues that needed to be resolved to enhance commerce and ease the flow of trade, to the economic ministers of Association of Southeast Asian Nations (Asean).

Calling for close relations and opening of trade between the north-eastern states of India and the Asean countries, the AIBC had a close-door meeting with Nirmala Sitharaman, the Union minister of state for commerce and industry, and proposed to send a business delegation in September to the north-eastern states of India starting with Assam.

The visit was proposed by Habib Mohammed Chowdhury, chairman of the AIBC Laos during an earlier meeting of the Council. The AIBC members unanimously accepted the proposal and informed their willingness towards co-operation with the visiting Indian minister.

Nirmala Sitharaman requested a comprehensive consultation for tariff and non-tariff barriers between Asean and India and said that all issues should be addressed and flagged out before the next round of discussions of the AEM-India.

She said inputs from particular industries, which have access to the Asean market, should be given a larger capsule in the detailed study “to help us understand what others will encounter in the next 15 to 20 years.”

“India’s ‘Look East Policy’ has transformed into ‘Act East Policy’ and we are more determined to accelerate the economic growth between India and Asean in a bilateral and multilateral environment. Asean and India together, with a population of 1.8 billion and a combined GDP of $3.8 trillion today, has emerged significantly with huge potential,” Nirmala Sitharaman said.

Submitting the 14-point agenda of issues that needed to be resolved to enhance commerce and ease the flow of trade, the AIBC said, “The set of recommendations are aimed at strengthening economic ties and smoothening businesses between Asean and India as well as facilitating a consultative process to address the issues that stand in the way for deepening our economic engagement.”

The AIBC recommendations were intended to consolidate “mutually beneficial economic engagements between India and the Asean region.” Council members finalized their recommendations after consultative meetings held in New Delhi on July 13 and in Vientiane on August 6.

AIBC co-chairs Harshvardhan Neotia (India) and Dato’ Ramesh Kodammal (ASEAN) besides chairman of Laos Chapter of AIBC, Habib Mohammed Chowdhury, leading the delegation. Asean member countries include Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

AIBC asked that the Asean India Transit Transport Agreement (AITTA) should be finalized before the completion of the Trilateral Highway and a separate negotiation undertaken for the India-Myanmar-Thailand transit and transport agreement, which could later be extended to cover the entire Asean region.

It proposed special arrangements for visas of AIBC members to encourage business and people-to-people exchange such as an India-Asean Travel Card for bona-fide travellers from India to Asean.

On movement of skilled workers, the AIBC proposed a simpler system to facilitate intra-region transfers between India and the Asean.

To promote trade, investment and manufacturing ties, the AIBC suggested that the AEM set up the Asean Trade Fair as an annual event to be held in Asean and India.

It said the trade fair in Asean could rotate with the presidency and the first one could be held in Manila to coincide with the AEM meeting in 2017 and India could be invited as a guest country.

“Such fairs bring buyers and sellers together without the necessity of each company travelling to different destinations to meet the possible business partner,” the AIBC said.

AIBC also called for a review of the Asean-India Trade in Goods Agreement and consider liberalization of tariffs on products placed in the Sensitive Track and Exclusion List, which are excluded from tariff concessions.

Source: http://www.newslivetv.com/regional/send-biz-team-to-ne-states-aibc-urges-minister.html

GUWAHATI: The Asean India Business Council (AIBC) has requested Union minister of state for commerce and industry Nirmala Sitharaman to send a business delegation to NE states in September.

The AIBC, a major regional group representing one of the biggest consumer markets in Asia, has presented a 14-point agenda of issues that needed to be resolved to enhance commerce and ease the flow of trade, to the economic ministers of Association of Southeast Asian Nations (Asean).

The visit was proposed by Assam-born businessman Habib Mohammed Chowdhury, who is the chairman of AIBC (Laos), during an earlier meeting of the council.

The AIBC members unanimously accepted the proposal and informed their willingness to extend their co-operation to the visiting Indian minister. “Nirmala Sitharaman requested a comprehensive consultation for tariff and non-tariff barriers between Asean and India and said all issues should be addressed before the next round of discussions of AEM-India,” said Chowdhury.

She added that inputs from particular industries, which have access to the Asean market, should be given a larger capsule in the detailed study ‘to help us understand what others will encounter in the next 15 to 20 years.’

Asean and India together, with a population of 1.8 billion and a combined GDP of $3.8 trillion, has huge potential,” said Sitharaman.

Submitting the 14-point agenda of issues that needed to be resolved to enhance commerce and ease flow of trade, the AIBC said, “The set of recommendations are aimed at strengthening economic ties and smoothening businesses between Asean and India.”

The AIBC recommendations were intended to consolidate ‘mutually beneficial economic engagements between India and the Asean region’. Council members finalized their recommendations after consultative meetings held in New Delhi on July 13 and in Vientiane on August 6.

Source: http://kpl.gov.la/En/Detail.aspx?id=15947

 By Soukthavy

(KPL) The ASEAN India Business Council (AIBC), representing the voice of industry in India and ASEAN, met in Vientiane last week to consolidate the process of mutually beneficial economic engagement between India and the ASEAN region.

They expressed their resolve to support ASEAN countries and India in developing an ambitious agenda to enhance trade and investment while recognizing that ASEAN and India have undergone significant economic transformations over time.

Trade and investment flows between the two sides have strengthened over the years and expanded to encompass common interests in economic relations.

Following a consultative meeting on Jul 13 at the Federation House of New Delhi, another meeting was scheduled by AIBC for Aug 6 in Vientiane.  The meeting was co-chaired by AIBC’s Mr Harshvardhan Neotia (India) and Mr Dato’Ramesh Kodammal (ASEAN).  They subsequently submitted AIBC priority recommendations to ASEAN Economic Ministers and Smt Nimala Sitharaman, Hon’ble Minister of State, Ministry of Commerce and Industry, government of India.

The set of recommendations aimed to strengthening economic ties and ease the process of doing business between ASEAN countries and India as well as facilitating a consultative process to address issues that still pose challenges to deepening their economic engagement.

The ASEAN India Transit Transport Agreement (AITTA) has to be negotiated and finalized before the date of completion of the India–Myanmar–Thailand (IMT) Trilateral Highway.

While it is being negotiated, industry recommends that negotiations start for a separate transit and transport agreement for IMT which could later be extended to cover the entire ASEAN region.

The Government of India is providing lines of credit to Indian companies investing in CLMV countries.

They recommended that the tendering process should be open to all eligible companies.

AIBC members have also suggested special arrangements for visas to facilitate and encourage India-ASEAN businesses and people-to-people exchanges.

Council members have proposed having an India –ASEAN Travel Card to ease travel for bona-fide travelers from India to ASEAN countries.