Indo-Asean trade could touch $100 billion by 2015

NEW DELHI: The two way trade between India and the ten member ASEAN block could touch USD 100 billion by 2015 on the back of increasing economic engagement between the regions.

Currently, the trade between India and Association of South East Asian Nations (ASEAN) stood at USD 80 billion.

"We are aiming that the trade between the two sides will touch USD 100 billion by 2015," Commerce and Industry Minister Anand Sharma said while inaugurating 2nd India-ASEAN business fair here today.

India and ASEAN, which have already implemented free trade agreement in goods, are expected to conclude the negotiations for the free trade pact in services and investment this week.

Speaking on the occasion, Cambodian Commerce Minister Cham Prasidh said that: "We may be able to give you a good news tomorrow".

He also expressed hope that negotiations for the Regional Cooperations and Economic Partnership (RCEP) is likely to be concluded by 2015.

Trade ministers of all the ten ASEAN nations were present during the occasion.

Srirat Rastapana, Thailand's Director General of Department of International Trade Promotion said the ongoing talks between India and Thailand for the market opening pact may be concluded by next month.

"We are at the last leg of negotiations. We started with early harvest scheme (EHS). FTA will help to drive economic relationship bilaterally," he said.

Besides, the free trade pact with ASEAN, India is negotiating market opening pact bilaterally with the members of the block.

India has already implemented FTA with Singapore and Malaysia and is negotiating with Indonesia in this regard.

Heads of all the ten Asean countries and Prime Minister Manmohan Singh are scheduled to attend the India-ASEAN Commemorative Summit tomorrow.