ASEAN stalls review of India trade agreement
ASEAN has hit pause on reviewing its trade agreement with India, even after nine rounds of talks.
The deal, signed back in 2010, was supposed to boost trade for both sides but hasn't really worked out for India—mainly because imports from ASEAN keep climbing while the benefits haven't kept pace.
India had been asking for a rethink for several years, and ASEAN agreed to review in 2019.
India's trade deficit has skyrocketed
India's trade deficit with ASEAN has ballooned from about $5 billion in 2010-11 to over $44 billion this year.
While India cut tariffs on most goods, countries like Indonesia and Vietnam didn't match those cuts.
Exports from India have dropped while imports keep rising, and there are growing concerns about unfair trade practices—like Chinese goods possibly sneaking in through ASEAN countries.
That's why India wants stricter rules and a fairer deal moving forward.