Friday, 14 August 2009

India, ASEAN ink comprehensive trade pact

Indian Express

Smita Aggarwal
Friday , Aug 14, 2009


India and 10-country bloc ASEAN today signed a free trade agreement after more than six years of negotiations. The FTA will eliminate tariffs on products including electronics, chemicals, capital goods and textiles, that account for more than 80 per cent of total trade in goods between the two sides. Tariffs on these products will be reduced to zero between 2013 and 2016.

Agreement on trade under the comprehensive economic cooperation plan was signed by Commerce and Industry Minister Anand Sharma with ASEAN economic ministers. “The agreement with ASEAN is well-balanced and is in harmony with India’s Look East policy,” Sharma said after the signing ceremony.

The Association of Southeast Asian Nations (ASEAN) groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Indian domestic concerns have been addressed in the agreement by retaining a duty protection of five per cent on sensitive products. Besides, 489 items have been kept in the negative list.

1 comment:

India said...

A very good step towards improving trade in the region and developing better foreign relations for India.