“India and ASEAN have not been able to harness the full trade potential, for various reasons, but now is the time to open matrix to expand trade, address concerns of all nations and businesses, and resolve the differences,” he said at the ASEAN-India Business Council virtual meet.
India’s merchandise trade with the 10-member ASEAN or Association of Southeast Asian Nations in FY20 was $86.86 billion.
“He extended India’s friendship and partnership to ASEAN through businesses, so that together both the partners are able to succeed, secure future, work together, attain prosperity, and achieve a target of $300 billion trade,” the commerce and industry ministry said in a statement quoting Goyal.
The two sides inked a free trade agreement (FTA) and have now agreed to review the ASEAN-India Trade in Goods Agreement that was signed in 2009 after New Delhi complained of a burgeoning trade deficit with the grouping. India had a trade deficit of $23.88 billion with ASEAN in FY20. ASEAN is also part of the Regional Comprehensive Economic Partnership trade bloc that India exited last year.