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The Free Trade Agreement between India and the Asean (Association of South East Asian Nations) is all set to become a more comprehensive one. A pact on trade in services, as well as investment, is going to be signed in the next few months.
Avinash P. Joshi, Director, Union Ministry of Commerce and Industry, said negotiations between the Indian Government and Asean (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam) are over and an agreement to this effect would be signed in August.
“We hope this would open up a huge opportunity in the services and investment relations with these countries,” he said.
Besides, pointing out that the trade with these countries in the first nine months of the current financial year has clocked over $55 billion, he said this is expected to go past $80 billion by the end of the year.
In an “outreach session” on Free Trade Agreement, organised here today by the Confederation of Indian Industry along with the Union Ministry of Commerce and Industry, Joshi said total trade between India and the member countries of Asean has been growing at a compounded annual growth rate of 20.64 per cent, from 2005-06.
Talking about foreign direct investments into India, he said bilateral investments between Singapore and India have crossed $50 billion, with Indian investment in Singapore (at $27 billion) being marginally above Singapore investment in India ($24 billion).
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