India-Asean trade may jump to $70 bn in 3 years

NEW DELHI: India-Asean bilateral trade could jump to $70 billion in three years as the two sides take advantage of the free trade agreement signed last year that will eliminate tariffs on 4,000 products over six years.

Two-way trade has already increased by 25% in 2010 to $50 billion from $40 billion in 2009 with both sides witnessing higher exports. India’s exports to the region went up to $22.3 billion from $17.3 billion, while imports increased to $27.8 billion from $23.8 billion.

“The growth in India’s exports have been sharper than the growth in its imports ,” said commerce joint secretary Sumanta Choudhuri at a press conference announcing the fiveday India-Asean fair and business conclave being jointly organised by the ministry with Ficci.

The fair, starting on March 2, will be attended by foreign trade ministers of all 10 Asean countries and have more than 500 business participants.