India, Asean review: PSRS, mkt access likely on table

The bloc seeks liberal product-specific rules in electronics and chemicals

- SHREYA NANDI

The review of the trade deal between India and the Association ☐ of Southeast Asian Nations (Asean) may see intense discussions on product-specific rules (PSRS) for value-addition norms on inbound shipments, greater market access for products and streamlining of non-tariff barriers, a person privy to the matter said.

While India-Asean trade entered into force from 2010 onwards, both sides aim to conclude the review and negotiations of the existing agreement by next year to make the deal more modern and upgrade it with changing times. Moreover, since the trade deal was signed over a decade ago, the 'rules of origin' norms were not detailed, the person said.

Asean nations comprise Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, The Philippines, Singapore, Thailand, and Vietnam.

"We are discussing product-specific rules, greater market access for some products, as well as streamlining nontariff barriers with Asean nations....They (Asean countries) are also seeking liberal PSRS in items such as electronics, chemicals... We will have to strike a balance" the person told Business Standard.