WTCA encourages Singapore firms to explore ASEAN-India trade

ASEAN and India recorded a bilateral trade volume of $177.2b in 2022-2023.

An international trade organisation has encouraged businesses in Singapore to engage in opportunities emerging from increased trade between the Association of Southeast Asian Nations (ASEAN) and India.

The World Trade Centers Association (WTCA) said these opportunities are driven by India's vibrant industrial and technology sectors and platforms such as the ASEAN-India Free Trade Agreement (AIFTA).

The AIFTA has been reducing duties on goods in both the ASEAN and India markets since 2010. The two regions recorded a bilateral trade volume of $177.2b (US$131.5b) in 2022-2023, representing 11.3% of India’s total global trade during the same period.

Singapore is one of India's largest trade and investment partners in ASEAN.