Digital technology can strengthen supply chain, says Laotian Minister Dr Saysompheng
It is possible to boost India-ASEAN bilateral trade to US$200 billion through strong collaborations and addressing the impediments on the way, Commerce and Industry Minister Piyush Goyal told a recent Indo-ASEAN Business Summit & Expo. The bilateral trade has significantly grown to US$80 billion for as now.
But Goyal was quick to point out that misuse of the trade agreement including by third parties should be discouraged and this could instil more confidence in both sides to reduce tariffs for inter-ASEAN and Indian trade.
Utilisation of digital technology, especially in the 4th industrial revolution era, can further strengthen the supply chain. “One of the areas that we must work on is to build a vibrant and resilient supply chains through deeper trade and investment in the region,” added Laotian Industry and Commerce Minister Dr Khampheng Saysompheng at the summit held 7-8 Oct 2021 by the Confederation of Indian Industry in partnership with the Ministry of External Affairs.
There must be a reduction in trade barriers such as non-tariff and technical trade barriers to ensure constant flow of goods and skilled man force across countries, he pointed out.
Cambodia is highly committed to cooperating with India and ASEAN to seize the opportunity to make an environment for sustainable development, the country’s Secretary of State, Ministry of Commerce, Chhuon Dara told the summit.
Enhancing trade efficiency through improving competitiveness by further strengthening the current trade facilitation mechanism is beneficial for trade within the region to be fast-flowing and efficient, he added.
India remains one of ASEAN’S largest trading partners, underlined Dr Awang Haji Mohd Amin Liew bin Abdullah, Brunei’s Minister of Finance and Economy.
Bilaterally, Brunei has a steady trade economic relationship with India. “In 2020, India was our 6th largest trading partner with a total trade value of over US$583 million,” he said.
The Philippines looks forward to a more strategic, and wider economic partnership with India and ASEAN, added Ramon Lopez, Secretary, Department of Trade & Industry, pointing out that FTAs and enhanced economic cooperation are important for trade progress.
Lopez also sees the potential of ASEAN and India working with other trading partners to seize business opportunities.
“We should enhance economic cooperation through capacity building and technical assistance programmes, workshops, and seminars as well as outreach activities. Making strategic decisions will support the implementation and utilisation of ASEAN India treaty area,” said Dr Pwint Sann, Minister of Commerce, Myanmar.
It is important that ASEAN and India join hands in recovering from the adverse impact of the pandemic on the economy of the region, according to Dr Jerry Sambuaga, Vice Minister of Trade, Indonesia.
“We need to keep our markets open, especially for medical and healthcare products as well as other essential goods, encourage trade facilitation, digital economy, produce assistance to our MSMEs,” he stressed.
With the combined population of 2 billion people and the combined GDP of US$5.6 trillion, ASEAN and India should work closely together to ensure open trade development and enhance entrepreneurial competitiveness, said Dr Sansern Samalapa, Vice Minister for Commerce, Thailand.
Both sides should seek to transform farmers into smart farmers by making digital technology an integral part of their farming operations, he added.
Both India and ASEAN are home to rapidly growing markets and have a number of emerging opportunities in common sectors of interest including manufacturing, human development, logistics and transport, retail and human development, among others. Both sides together can contribute to building and diversifying supply chains, noted T V Narendran, President, CII and CEO & Managing Director, Tata Steel Limited.
Business cooperation between India and ASEAN in areas of mutual interest such as FinTech, start-ups, and innovation, empowerment of youth and women and the development of MSMEs are important factors to take this multilateral connection to a higher growth trajectory, added CII Director General Chandrajit Banerjee. #exports #manufacturing #investment #technology /fiinews.com
