India-ASEAN to update trade pact by year end; UPI, Vietnam’s payment system to be linked, says PM Modi

The India-ASEAN trade deal review has been one of the most challenging negotiations that the Commerce and Industry Ministry has engaged in, as ASEAN nations have an edge over India under the current deal. India’s trade deficit with the fast-growing ASEAN region has risen to $44 billion in FY23, from $8 billion in FY13. An Indian Economic Service research paper on India’s trade patterns with the 10 ASEAN nations between 1991 and 2020 showed that while imports have grown, exports have declined since 2010, resulting in increasing trade deficits with all ASEAN countries. Modi said that through new initiatives in…