India hopes to sort out differences with ASEAN on FTA
India hopes it will arrive at an agreement with ASEAN in the next few months over negative list for the proposed FTA, even though the two sides have perceptible differences.
By PTI |
NEW DELHI: India hopes it will arrive at an agreement with ASEAN in the next few months over negative list for the proposed FTA, even though the two sides have perceptible differences.
"There are differences in perception (between the two sides over negative list). I am sure they will be negotiated and a satisfactory outcome for both sides will emerge in next few months," Minister of State for Commerce Jairam Ramesh told reporters on the sidelines of a World Bank function.
Indo-ASEAN FTA is coming into effect from January 1, 2007 and currently, negotiations are on to work out a negative list of items after India insisted on a huge list of 852 items.
India had given a list of 1,400 items, which was scaled down to 852 after ASEAN negotiators insisted on drastic pruning.
At the recent round of negotiations in Singapore last week, the talks got bogged down as ASEAN wanted the negative list to be cut to just about 60 items, which India refused.
Ramesh said, "India has made its offer. ASEAN has taken the offer. They will think about it."
However, Ramesh said any talk about FTA with China is premature so long as domestic economy has many distortions like partial implementation of VAT, three tier duty structure, and non-existent goods and services tax.
"May be few years from now, FTA with China will make some sense," he said.
Ramesh emphatically said India wants FTA with ASEAN which is mutually beneficial to both sides. He, however, said India has legitimate concerns over agriculture, textiles and labour intensive manufacturing.
"There are differences in perception (between the two sides over negative list). I am sure they will be negotiated and a satisfactory outcome for both sides will emerge in next few months," Minister of State for Commerce Jairam Ramesh told reporters on the sidelines of a World Bank function.
Indo-ASEAN FTA is coming into effect from January 1, 2007 and currently, negotiations are on to work out a negative list of items after India insisted on a huge list of 852 items.
India had given a list of 1,400 items, which was scaled down to 852 after ASEAN negotiators insisted on drastic pruning.
At the recent round of negotiations in Singapore last week, the talks got bogged down as ASEAN wanted the negative list to be cut to just about 60 items, which India refused.
Ramesh said, "India has made its offer. ASEAN has taken the offer. They will think about it."
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However, Ramesh said any talk about FTA with China is premature so long as domestic economy has many distortions like partial implementation of VAT, three tier duty structure, and non-existent goods and services tax.
"May be few years from now, FTA with China will make some sense," he said.
Ramesh emphatically said India wants FTA with ASEAN which is mutually beneficial to both sides. He, however, said India has legitimate concerns over agriculture, textiles and labour intensive manufacturing.
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