INDO-ASEAN TRADE
Master of Commerce – M.Com First Year Solved Assignments for July 2019 and January 2020 Admission Cycles
M.COM First Year Tutor Marked Solved Assignment
Course Code: IBO – 03
Course Title: India's Foreign Trade
Assignment Code: IBO-03/TMA/2019-20
Coverage: All Blocks
Course Title: India's Foreign Trade
Assignment Code: IBO-03/TMA/2019-20
Coverage: All Blocks
IBO – 03 India's Foreign Trade Solved Assignment for 2019-20
Q5.) Write short notes on the following:
(4.) Indo-ASEAN trade and economic relations
Ans: India and the member nations of the Association of Southeast Asian Nations (ASEAN) share colonial and cultural linkages that have evolved since their independence. India has engaged with ASEAN at both regional and sub-regional levels by signing economic cooperation agreements with different members. A framework agreement on comprehensive economic cooperation was signed in Bali in October 2003 between India and ASEAN, which was expected to eliminate tariff barriers among all the members and eventually establish a free trade area in goods, services, and investment.
There are a few Southeast Asian countries such as Singapore, Malaysia, and Thailand that have emerged as major export destinations for India. The main export items to Singapore include mineral fuels, oils, ships, boats. India also imports agricultural products from Malaysia.
In 2015, India accounted for only 1.3 percent of the total net inflows into ASEAN. India invested largely in the financial and insurance industries across Southeast Asia (60 percent) followed by wholesale and retail trade(nine percent). Many Indian banks, such as Bank of Baroda, Indian Overseas Bank, and Andhra Bank, have established branches in the ASEAN region.
Between 1995 and 2016, trade between India and ASEAN grew at a compound average growth rate of about 11.9 percent. This indicates that the balance of trade has been in favor of ASEAN member countries throughout the reference period.
Further, ASEAN member countries and India have been working towards ratifying the Regional Comprehensive Economic Partnership Agreement, which is expected to improve trade and investment among all member countries.
(4.) Indo-ASEAN trade and economic relations
Ans: India and the member nations of the Association of Southeast Asian Nations (ASEAN) share colonial and cultural linkages that have evolved since their independence. India has engaged with ASEAN at both regional and sub-regional levels by signing economic cooperation agreements with different members. A framework agreement on comprehensive economic cooperation was signed in Bali in October 2003 between India and ASEAN, which was expected to eliminate tariff barriers among all the members and eventually establish a free trade area in goods, services, and investment.
There are a few Southeast Asian countries such as Singapore, Malaysia, and Thailand that have emerged as major export destinations for India. The main export items to Singapore include mineral fuels, oils, ships, boats. India also imports agricultural products from Malaysia.
In 2015, India accounted for only 1.3 percent of the total net inflows into ASEAN. India invested largely in the financial and insurance industries across Southeast Asia (60 percent) followed by wholesale and retail trade(nine percent). Many Indian banks, such as Bank of Baroda, Indian Overseas Bank, and Andhra Bank, have established branches in the ASEAN region.
Between 1995 and 2016, trade between India and ASEAN grew at a compound average growth rate of about 11.9 percent. This indicates that the balance of trade has been in favor of ASEAN member countries throughout the reference period.
Further, ASEAN member countries and India have been working towards ratifying the Regional Comprehensive Economic Partnership Agreement, which is expected to improve trade and investment among all member countries.
INDO-ASEAN TRADE
Reviewed by Simran
on
April 19, 2020
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Reviewed by Simran
on
April 19, 2020
Rating:
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