Australia
(Source : Consulate General of India, Sydney)
(i) The trend continues. The balance of trade was heavily in favour of Australia, with Australia exporting merchandise goods to India worth USD 10.67 billion, while importing goods worth USD 3.55 billion from India for the period Jan-Nov 2017.
(ii) Indian merchandise Exports to Australia for the period Jan-Nov 2017 witnessed an increase of 19.5 % over the corresponding period last year. Whereas, during the same period Australian export to India increased by 59.8 %.
Significant trends
During the period Jan-Nov 2017, the bilateral trade figures between the two countries were US$ 14.2 billion as compared to US$ 9.6 billion during the same period of last year. This is an increase of approx. 47.4 percent.
India’s merchandise goods export to Australia (Australian imports from India) was US$ 3.5 billion which is 19.5 percent more compared to the same period during 2016.
India’s merchandise goods import from Australia during Jan-Nov 2017 stood at US$ 10.7 billion with an increase of 59.8 percent as compared to the same period of previous year.
Indian merchandise Exports to Australia was dominated by ‘Refined Petroleum’ which experienced an increase of 45.3 usual items – Medicaments, Pearls and Gems, Jewellery and Made-up textile articles comprising the top 5.
‘Ships, Boats and Floating Structures’ has featured among the top 10 imports of Australia from the world, ranking at No. 4 with a significant increase of 6.2 billion (approx. 1072% increase) compared to the same period of previous year. This can be mainly attributed to the recent closure of major ship building units in South Australia.
Analysis
The total bilateral trade has increased by A$ 4.5 billion during this period and India’s export of ‘Refined Petroleum’ to Australia has increased by A$ 350 million during the same period.
The other highlights of bilateral merchandise goods trade have been the significant increase in export of ‘Organo-Inorganic Compounds’ (approx. 43%) and Manufactures of Base Metal (approx. 28%) from India to Australia and import of ‘Coal’ (Approx. 62%), ’Chick Peas & Vegetables (approx. 141%), Wheat (approx. 168%) and Non-monetary gold (approx. 109%) from Australia to India between Jan – Nov 2017. Railway vehicles have been the new entrant in India’s top 10 exports to Australia at US$ 101 million and with a percentage growth of 153%. This can be mainly attributed to the Bombardier supplied “Made in India” metro train coaches to Australia.
Thailand
(Source : Embassy of India, Bangkok)
India invited to EEC investment
Post Today 20.01.2018
Deputy Minister of Commerce Chutima Bunyaprapatsorn said that the ASEAN-India Business and Investment Meet and Expo 2017 will be held from 25th-26th January 2018, where economic ministries, senior officials from government and the private sector in ASEAN and India will exchange ideas on economic collaboration. Thailand plans to interest Indian investors in investing in the Eastern Economic Corridor (EEC). Thai representatives at the meeting will also visit Gujarat and Uttar Pradesh to strengthen relationships between the two states and Thailand. Chutima noted that Gujarat is India’s model economic development zone and is well developed in terms of infrastructure and a source of raw materials while Uttar Pradesh is the second largest state in India and the government has pushed for it to become a hub of IT services. These two states are high potential markets for Thai entrepreneurs to invest in and expand their businesses. In 2016, the value of trade between ASEAN and India was $65 billion and the two parties aim to reach $200 billion in trade value by 2022, and to sign the Regional Comprehensive Economic Partnership (RCEP).
Discussing ASEAN - India Summit
Prachachart Turakij 22.01.2018
Deputy Minister of Commerce Chutima Bunyaprapatsorn said that she would lead the team to attend the ASEAN Economic Ministers Meeting, which will be held during the ASEAN-India Summit in India. The Ministry of Commerce will participate in the ASEAN-India Expo and Forum and meet importers from secondary cities in India. India and ASEAN will talk about the Regional Comprehensive Economic Partnership (RCEP) as ASEAN members have previously sent a letter to India’s economic minister to address pending issues in the negotiations to finalise the negotiations in 2018 as planned. The Ministry of Commerce representative has attended RCEP negotiations held in Singapore to discuss a new ASEAN proposal aiming to further push negotiation partners (i.e. China, India, Japan, South Korea, Australia and New Zealand) to provide more flexibility. The new proposal allows six negotiation partners to choose to reduce their import taxes on certain ASEAN member countries (without existing bilateral FTAs). Thailand is trying to push RCEP members such as China, India and Japan to reduce import taxes on Thai products such as processed seafood, cassava pellets, sugar from sugarcane, rice, petrochemical products, rubber and furniture.
India - Asean bonding caravan
Siam Rath 24.01.2018
The Khon Kaen Deputy Governor, the President of the Chamber of Commerce and the Tourism Authority of Thailand Director at the Khon Kaen Office have welcomed a group of businesspeople from India who stopped over in Khon Kaen during their road trip in Thailand, being held to celebrate the 25th anniversary of ASEAN-India relations. The road trip started from Laos and is running to Thailand’s eastern and western economic corridors. Businesspeople are participating in the trip to meet and exchange trade and investment information with the local private sector and government. They chose to stop over in Khon Kaen province as it is one of the five provinces that the government supports in terms of tourism and meetings, and as a destination for seminars. Thailand is popular among Indian tourists and over 1.5 million Indians visited Thailand last year.
India business caravan to Khon Kean
Khao Sod 25.01. 2018
The Khon Kaen Deputy Governor, the President of the Chamber of Commerce and the Tourism Authority of Thailand Director at the Khon Kaen Office presided over the opening event of the India-ASEAN Roadshow and welcomed a group of businesspeople from India who stopped over in Khon Kaen during their road trip in Thailand, being held to celebrate the 25th anniversary of ASEAN-India relations. The road trip started in India and went on to Myanmar, Laos, Thailand and then back to India with a total distance of 7,000 km. Businesspeople participated in the trip to meet and exchange trade and investment information with the local private sector and government. Thailand is popular among Indian tourists and over 1.5 million Indians visited Thailand last year. Khon Kaen is located in the center of Indo-China and is an intersection between India’s eastern-western economic corridor and Danang Vietnam. Many tourists and investors will pass through this route in the future.
Cambodia strengthens relationship with India
Krungthep Turakij25.01.2018
The Cambodian leader and followers have arrived in India to attend the ASEAN-India Summit. Hun Sen, the Prime Minister of Cambodia, is scheduled to meet with India’s Prime Minister Narendra Modi and give a speech at the summit. Indian government statistics reveal that the trade value between Cambodia and India declined by 30% to $141 million in India’s latest fiscal year (April 2016-May 2017). Miguel Shanko, chief economist at the Economist Intelligence Unit (EIU) said that trade between ASEAN and India is not significant due to strategic reasons and India’s long-term trade barriers. Trade between Cambodia and India is slow because India’s economic growth has decelerated and because of the fact that the two countries are exporting the same products i.e. rice and clothes. Cambodia’s Ministry of Commerce spokesman hopes that the meeting of their leaders will help to eliminate barriers that may affect trade and investment between India and Cambodia.
Thailand and India cooperation
Post Today 26.01. 2018
Weerachon Sukonthapatipak, deputy government spokesman, revealed that Prime Minister Prayut Chan-o-cha had bilateral talks with India’s Prime Minister Narendra Modi before participating in the ASEAN-India Summit. Both leaders agreed that they would further push forward bilateral and regional collaboration for trade and investment in addition to anti-terrorism cooperation. They will further implement digital cooperation. India’s smart cities policy is in line with Thailand’s 4.0 reform policy, Eastern Economic Corridor and New S-curve Industries. They will help each other in supporting each country`s security i.e. in anti-terrorism and anti-transnational crime. In tourism, they will link tourist attractions of the two countries and launch more activities and campaigns. Thailand and India will also further cooperate in supporting palm oil and natural rubber production and export.
Economic Development in India and Opportunity for Thailand- A Forum Discussion
26.01.2018
The Bank of Thailand (Central/Reserve Bank of Thailand) organised a Forum discussion on “Economic Development in India and Opportunities for Thailand” on 26 January 2018 at its Headquarter at Bangkok. The discussion was aimed to enhance the knowledge on India and support plan to promote the economic and financial linkage between the two countries and economic opportunities available for Thailand following new initiative of the Indian Government to attract foreign investors. Bank of Thailand organised the event in collaboration with Internal Monetary Fund & Thai Bankers Association. More than 50 top executive of various Banks in Thailand attended the forum. The Assistant Governor of Bank of Thailand Mrs, Chantawan Sucharitakul open the discussion with her keynote address. Mr. Andreas Bauer, Senior Resident Representative of India, Nepal and Bhutan of the International Monetary Fund made a detailed presentation on financial market and banking reforms in India. Dr. Sanjay Kumar, Commercial Representative, Embassy of India, Bangkok made a presentation on “Make in India” and discussed the opportunities available to Thailand for collaboration in Food Processing, IT, Hospitality, Pharmaceuticals and Auto components sectors. The matter of demonetarization & GST- its need & effects were also discussed.