AITIGA review critical, acknowledges Kodammal
India and ASEAN should develop a roadmap for collaboration in Healthcare and Pharmaceuticals sectors along with knowledge exchange and digital connectivity, according to suggestions by Dr Sangita Reddy, co-Chair India for the ASEAN India Business Council (AIBC).
She also called for special incentives for Indian Pharmaceutical companies for setting up plants in dedicated ASEAN zones.
Dr Reddy, also the FICCI President, further recommended that India and ASEAN facilitate greater knowledge sharing and best practices, collaborative research, capacity building and training programmes in the areas of Artificial Intelligence, Big data and Blockchain, especially focusing on financial services, health tech and transportation etc.
“This will help us achieve long-term economic growth and positive social outcomes,” she added.
FICCI as the Indian secretariat of ASEAN India Business Council (AIBC) presented recommendations of 2020 to enhance trade and investment between India and ASEAN at 52nd India AEM held virtually on 29 Aug 2020.
This comes in the backdrop of India-ASEAN trade target of US$ 200 bn trade by 2022, which now looks difficult, said FICCI, citing the COVID-19 pandemic.
AIBC recommends reviewing ASEAN-India Trade in Goods Agreement (AITIGA) and considering the elimination of non-tariff measures to enable seamless movement of goods and services.
“To build on India-ASEAN partnership, we must address the trade barriers, policy, regulation, and issues related to infrastructure and investment,” said AIBC.
It also recommended that ASEAN should consider introducing business travel cards which would facilitate business travel between India and ASEAN countries, with at least 90 days of validity.
Malaysia’s Ramesh Kodammal, Co-Chair AIBC (ASEAN), noted that the business community of ASEAN and India has tremendous partnership potential to take this economic engagement to greater heights. From ASEAN side, Dato
Kodammal acknowledged that the review of AITIGA is critical as India’s participation at Regional Comprehensive Economic Partnership (RCEP) is still not certain.
He also emphasised that Rules of Origin norms between India and ASEAN need to be discussed as part of the negotiations. #trade #exports #investments #pharmaceuticals #healthcare /fiinews.com
