India accelerates ASEAN free trade agreement review
India wants to wrap up a review of its trade agreement with ASEAN by 2025, after years of feeling shortchanged.
Commerce Minister Piyush Goyal recently met Malaysia's Minister of Investment, Trade, and Industry, T Zafrul Aziz, to speed things up and tackle the growing gap between what India imports from and exports to these Southeast Asian countries.
India might consider pulling out of the deal altogether
Right now, India gives more tariff breaks (71% of its goods) than countries like Indonesia or Thailand, even though India's average income is lower.
Imports from ASEAN have soared—tripling since 2010—while India's exports lag behind.
If talks don't lead to better terms soon, India might even consider pulling out of the deal altogether to protect local industries like steel and electronics.
For young Indians eyeing jobs or business opportunities, how this plays out could shape what's on shelves—and where future work comes from.