A FICCI survey, titled ‘Business Beyond Barriers’ to ascertain factors impacting trade & investments between India and ASEAN and the effect of India-ASEAN FTA on Indian Industry reveals that half the respondents feel that the FTA in ‘Goods’ has had either no impact on their exports or an adverse impact. This is attributed in partly to the fact that this FTA is restricted to ‘Goods’ where India’s manufacturing sector is not able to capitalise and partly due to lower duties offered by ASEAN to China, through the China-ASEAN FTA.
The present survey brings out expectations of members of corporate India and drew responses from Indian Companies having Business engagement with ASEAN. The survey was targeted at Companies from different sectors which have already invested or are doing business with ASEAN Countries.
Respondents to this online Survey covered sectors such as Pharmaceuticals, Automotive, Manufacturing, Plastics, Chemicals, Consulting Services, Infrastructure & Construction, Healthcare, Agriculture Products, Mining & Minerals and services.
The survey notes that the general feeling amongst the Indian Industry is that doing business with ASEAN is ‘easy’. This relates to the fact that Singapore, Malaysia & Thailand, which have 60-65% share of our trade with ASEAN and also hold majority in terms of investments, are amongst the top countries in terms of Global Ease of Doing Business Ratings.
Respondents are doing business mainly with Singapore, Malaysia, Thailand, Indonesia, Vietnam and Philippines. This is in line with current status of trade & investment with ASEAN, wherein over 95% of our trade and FDI is commanded by these 6 countries.
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