India signs Free Trade Agreement with ASEAN members

THAILAND: India signed a Freed Trade Agreement (FTA) with the ASEAN members here on Saturday.

It could be possible after the final obstacle on the Free Trade Agreement between India and ASEAN members was removed, as the last country; Vietnam also signed on the agreement.

"This agreement is aimed to help fighting the situation like global crunch, as there will be minimum duties on goods amongst their trading in ASEAN countries. The trade size between India and ASEAN countries is huge and its size is around 48 billion dollars. This Free Trade will come into force from July 2010," said N Ravi, Secretary (east), Minister of External Affairs while talking to media about the day's development on Saturday evening.

Earlier in the day, Prime Minister Manmohan Singh, put forward the issue of setting up Nalanda University as an international institution of excellence.

Addressing in the 7th India-ASEAN Summit on Saturday morning in Hua Hin town of Thailand, the PM said: "We look forward to working closely with the ASEAN and other countries of the East Asia Summit process to establish the Nalanda University as an international institution of excellence in the education with a continual focus."

Prime Minister opined that by setting up of Nalanda University in India will not only help India in terms of increasing Buddha Tourism in the country but it would also give an opportunity for many Asian people to explore many hidden facts of Buddhism's roots in India.