16 Asia-Pacific giant economies plan to open 3.3 billion people market

NEW DELHI: Proposal to liberalise 3.3 billion people market by 16 giant economies of Asia and Pacific, including ASEAN, India, China and Australia will be discussed by their trade and economic ministers in Cambodia tomorrow.

Commerce and Industry Minister Anand Sharma, who has left for a four-day visit to Siem Reap (Cambodia) today, will attend the first meeting of the economic ministers of 10-nation ASEAN and the countries with which this bloc has free trade agreements (FTAs)in the Asia-Pacific region.

Besides India, the ASEAN FTA partners include Australia, China, Japan, South Korea and New Zealand.

"The consultations will form a key step towards launching the Regional Comprehensive Economic Partnership which could potentially lead to the establishment of a free trade area comprising about 3.33 billion people," a Commerce Ministry statement said today.

The proposal is being initiated at a time when the global economy is in the midst of slowdown.

India already has a free trade agreement with Association of Southeast Asain Nations (ASEAN), Korea and Japan. Besides, the country is negotiating a comprehensive pact with New Zealand and Australia separately.

Sharma would also attend East Asia Summit ( EAS) Economic Ministers meeting.

The EAS is a forum for dialogue on broad strategic, political and economic issues of common interest and concern to East Asia. For their larger interest, the US and Russia are also members of the forum.

Sharma is also likely to have bilateral meetings with his Japanese and South Korean counterparts and discuss ways to boost bilateral trade.