Non-Tariff Barriers Hinder Asean-India Trade Ties

NEW DELHI, Sept 2 (Bernama) -- India needs to reduce non-tariff barriers along with scheduled dismantling of tariff barriers to zero in order to further boost trade flow between the country and Asean, BusinessLine reported. The non-tariff barriers were hindrances to free flow of goods, services and capital between Asean and India, Minister Counsellor (economic affairs) of High Commission of Malaysia, Aida Safinaz Allias, told the English Daily. “Red tape, old rules and redundant regulations serve as non-tariff barriers”, she said in Kolkata, West Bengal. Malaysia will assume chairmanship of Asean in 2015. India-Asean trade currently stands at around US$80 billion. In the past decade, it grew at a compound annual growth rate of 23 per cent. The free trade agreement in goods between the 10-nation economic grouping and India is on since 2010. It liberalises tariffs on over 90 per cent of items. It is now being reviewed in terms of removal of tariff and non-tariff barriers, the reported quoted the Malaysian official as saying. -- BERNAMA