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ASEAN Trade Agreements and Opportunities for SME's

SME WORLD Bureau
Mar 2010

Generation Next Business Consulting (GNBC), in association with WealthTree Partners organized a seminar Competence 2010 - ASEAN Trade Agreements and Opportunities for SME's in Mumbai and Pune. The focus of the seminar was on understanding the ASEAN Free Trade Agreement and its impact on Indian SME's. The agenda of the seminar also included the interaction about the European markets and their cultural aspects along with the business diversity of the different European countries

Sudhakar Kasture, Director, Generation Next Business Consulting during the first session, focused on the significance of 01/01/2010 with respect to ASEAN Trade Agreements with India, China and Korea and its impact on the foreign trade policy.

ASEAN-6 has entered into an era of zero duty intra-trade. Under the Common Effective Preferential Tariffs for ASEAN Free Trade Area (CEPT-AFTA) schedule for tariff reduction, each ASEAN member state is allowed to place their products in the normal trackwhere the commitment is for the tariffs to be reduced to zero by 2010 for ASEAN-6 and this time frame is 2015 for the remaining four countries, namely Cambodia, Lao PDR, Myanmar and Viet Nam, informed Kasture.

Generation Next Business Consulting is an organization offering complete business support services in international trade.

During the second session, S. Venkataraman, founder of WealthTree Partners discussed about the challenges which Indian SME's face in international trade as well as the immense opportunities available in the global markets. He also focussed on the various schemes and grants which are provided by the governments of various countries to support their SME's and boost exports.

In India SMEs contribute almost 43 per cent to the industrial output and provides employment to approximately 42 million people in the country. Despite it Indian government, Venkataraman highlighted, some incidents indicate the lack of support and cooperation by the towards the Indian SME sector. He told that various case studies and success stories of global Indian Entrepreneur's and acquiring companies overseas are some examples that show only big corporate houses but Indian SME's too have the will and determination to look at the untapped overseas market.

WealthTree Partners is a cross border advisory firm assisting Indian SME's to become global from local and expand their business in overseas market.

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