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Date: 25/04/2025

India reviews ASEAN trade pact to cut imports

India has initiated a review of the ASEAN-India Free Trade Agreement (AIFTA), specifically the ASEAN-India Trade in Goods Agreement (AITIGA), with a focus on addressing concerns about steel imports from ASEAN nations, particularly those potentially linked to Chinese investments. This review is driven by India’s concerns over trade imbalances, the re-routing of Chinese goods through ASEAN countries to exploit duty concessions, and the impact on domestic industries, including steel. In FY25, India was a net importer of steel with imports at a 10-year-high of 9.5 million tonnes (mt), while exports dipped to a multi-year low of 5.0 mt. The trade deficit in volume terms was 4.5 mt, the highest in recent times. In terms of country-specific imports, shipments from Korea were the highest at 2.8 mt, followed by China - 2.5 mt, and Japan – 2 mt, latest numbers available from the Steel Ministry show, as per a report.
 
Source: Exim News Service: New Delhi, April 24



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