India, ASEAN to review trade agreement by 2025

  • A statement from the 20th ASEAN-India Economic Ministers meeting in Semarang, Indonesia said that the two parties will conclude a review of the 2009 free-trade agreement in goods by 2025.
  • Commerce and consumer affairs minister Piyush Goyal had earlier remarked that the trade deal was “ill-conceived” and unfair to Indian industry.
  • India’s concerns include the lack of full benefits for certain of its exports segments such as steel products, and the risk of Chinese products exploiting concessional duties by entering India via an ASEAN member state.

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