The ASEAN India Trade in Services Agreement is a comprehensive partnership between ASEAN (Association of Southeast Asian Nations) and India to promote and strengthen economic cooperation and trade in services. Services sectors covered under this agreement include tourism and travel, telecommunications, transport, financial services, and professional services.
The agreement was signed in 2014 and aims to enhance the flow of trade and investment in services between the ASEAN member states and India. The agreement provides a framework for greater market access for service providers from both regions and facilitates the development of a more robust services sector.
One of the key benefits of the agreement is the creation of a more open and transparent environment for trade in services. This will help to reduce barriers to trade and increase competitiveness in the services sector. It will also help to promote greater investment between the ASEAN member states and India, which will lead to more job opportunities and economic growth.
The agreement also provides for the protection of intellectual property rights in the services sector, which will help to promote innovation and creativity. This protection will encourage greater investment in research and development and the creation of new services and technologies.
Another key benefit of the ASEAN India Trade in Services Agreement is the promotion of human resource development in the services sector. This includes the development of skills and knowledge through training and education programs. This will help to ensure that the services sector grows and remains competitive in the global market.
The agreement also promotes cooperation between ASEAN and India in the services sector. This includes the exchange of information and best practices, as well as joint projects and initiatives. This will help to build stronger relationships between the two regions and promote greater economic stability.
The ASEAN India Trade in Services Agreement is an important step towards greater economic cooperation and trade between ASEAN and India. It will help to promote the development of a more robust services sector and provide new opportunities for trade and investment. With the continued growth of the services sector in both regions, the agreement is set to have a significant impact on the global economy in the years to come.