India's exports to ASEAN up by 280%, imports up by 220%: PHDCCI

New Delhi, Mar 13 (UNI) India's exports to ASEAN countries in the last five years have increased by over 280 per cent, while imports have increased by around 220 per cent, the PHD Chamber of Commerce and industry said today.

''The Government had started wide-ranging consultations with different stakeholders, which was indeed a welcome step in the right direction,'' PHDCCI President Sushma Berlia said while speaking on the Indo-ASEAN Free Trade Agreement Negotiations.

She informed that Asia, excluding the Middle East, accounts for 31 per cent of India's global exports, while the share of imports is 24 per cent.

India's top items of exports to ASEAN are gems and jewellery; machinery and instruments; dyes, intermediates; primary and semi-finished iron and steel; oil meals; drugs, pharmaceuticals and fine chemicals and transport equipment.

India's top items of imports from the ASEAN region on the other hand are electronic goods; edible vegetable oils; organic chemicals; wood and wood products; coal, coke and briquettes; non-electrical machinery and transport equipment.

While stating that the Free Trade Agreement (FTA) between India and ASEAN should have come earlier, Ms Berlia said, ''it is true that historically, India's exports and imports have often focused too much on Europe and North America and government policy initiatives also reflect this bias.'' She added that ''Indian industry has already highlighted the inverted duty structure that affects the competitiveness of Indian industry in the ASEAN FTA, particularly in imports.'' Commerce Secretary S N Menon stated that India is expecting to move forward on negotiations for FTAs in services too as this is equally important for India.

India's exports to ASEAN increased by 39.2 per cent against an increase in imports by 20 per cent.

ASEAN is one of the fastest growing markets for India's exports - worth as much as 355 billion dollars Mr Menon noted and agreed with the industry's perception on high transaction costs faced by Indian importers vis-a-vis importers in ASEAN countries.

He emphasised that the road map to reduction in import tariffs on industrial products to ASEAN levels has been clearly laid down.

UNI RA SD RK2001