“The Trade in Goods Agreement increased bilateral trade in goods and once the tariff reduction scheduling is done, it is bound to create more trade between our economies,” said Mr C R Chaudhary, Hon’ble Minister of State for Commerce and Industry, while speaking on “Regional Value Chains and Connectivity: Linking for Collaborations” at the ASEAN-India Business and Investment Meet and Expo organized by the Confederation of Indian Industry (CII) in partnership with the Ministry of Commerce, Ministry of External Affairs and the ASEAN Secretariat..

Mr. Chaudhary stated that the Act East Policy is central to India's cooperation with ASEAN and this is “strongly driven by trade and economic engagement”. He also stressed on the importance of improved connectivity and investment in quality infrastructure for achieving higher trade and investment for India. He added that India is currently working with ASEAN on multiple connectivity projects for land, air and water. India and ASEAN are exploring the ASEAN India Maritime Agreement which would eliminate barriers binding maritime transport, he said. India has also announced a line of credit worth US$1 billion which would promote greater digital connectivity between ASEAN countries, he added.

H.E. Mr. Enggartiasto Lukita, Minister of Trade, Republic of Indonesia while elaborating on the benefits of value chains, stated that that top gainers are those countries that adjust and adapt to the supply chain value line. He highlighted the importance of Regional Comprehensive Economic Partnership in terms of market access and market share and its relevance to regional supply chains.

“For the emerging economies of ASEAN, global value chains have played a vital role to develop industries,” stated Mr. George T Barcelon, Member, ASEAN Business Advisory Council and Past President, Philippines Chamber of Commerce, Philippines. He stated that companies must work along with the support of the public sector and nurture ecology of innovations to foster global value chains.  Asian economies have significantly integrated into the Global Value Chain and growth across regions has fueled growth of economies as well as MSMEs due to GVCs, he added. Mr. Barcelon also stressed on the growth of IT services and BPO operations between India and Philippines.

Mr Binoy Kumar, Special Secretary, Logistics, Ministry of Commerce and Industry highlighted connectivity and regional value chains in sectors such as agriculture, minerals etc.

Mr. Gaurav Bhatiani, COO, Infrastructure Leasing and Financial Service Limited, said that the discussions in the meet would enable significant number of business transactions to happen and lead up to a very successful ASEAN-India Commemorative Summit, scheduled on the 25th January.

New Delhi

January 23, 2018