India-ASEAN to conclude FTA talks on Thursday
Trade ministers from India and ASEAN are expected to formally announce on Thursday the conclusion of negotiations on a free trade agreement, paving the way for goods trade in a 1.5 bn people strong market.
By PTI |
SINGAPORE : Trade ministers from India and ASEAN are expected to formally announce on Thursday the conclusion of negotiations on a free trade agreement, paving the way for goods trade in a 1.5 bn people strong market.
"We hope to make an announcement tomorrow as there are no real issues hindering the India-ASEAN FTA," Commerce and Industry Minister Kamal Nath said here ahead of the India-ASEAN Economic Ministers meeting.
With only a few minor issues to be ironed out, the FTA with the 10-nation southeast Asian trading bloc holds a "large significance" for India, he said.
The pact will be signed in December at the India-ASEAN summit, also to be attended by Prime Minister Manmohan Singh.
Once the negotiations on FTA in goods are concluded, the two sides will start talks on a pact in services and investment.
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India's trade with ASEAN grew 25 per cent in 2007-08 to 38 bn dollars. The two are targeting a trade of 50 bn dollars by 2010. Negotiations on the India-ASEAN FTA missed several deadlines because of differences on opening of sensitive areas. These areas included palm oil, tea and coffee.
Nearly 95 per cent of India's trade with Brunei is for crude oil. The trade with Laos, Brunei, Cambodia and the Philippines is yet to reach the billion dollar mark each.
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