India to sign FTA with ASEAN

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India’s Prime Minister Manmohan Singh will sign a Free Trade Agreement in Services and Investment with ASEAN by next month, which will send a strong signal of deepening economic engagement between the 1.2-billion-people country and the 10-member bloc.

Singh also pitched for enhanced cooperation between India and ASEAN for promotion of peace, security and stability in the region and addressing shared challenges. Addressing the India-ASEAN Summit on November 19 in Phnom Penh, Singh said, “India’s relationship with ASEAN members and with ASEAN institutionally continues to grow in all dimensions. Commerce and connectivity are vital areas of this relationship and we have made good progress in both.”

He noted that the existing India-ASEAN Free Trade Agreement on Trade in Goods has served well, with the two-way commerce increasing to nearly $80 billion in the Indian financial year ending March 2012, exceeding the target of $70 billion. The FTA in Goods was signed in 2009 but aspects related to services and investment were delayed due to strong differences between the two sides.

At the same time, he invited investments from the 10-nation ASEAN into India.

“India’s large markets and rapid growth offer enormous opportunities for investments. We are taking a series of steps to further improve investment environment and accelerate growth. We look forward to increased ASEAN investments into India,” Singh said.

He added that India would offer its own resources, expertise and experience to support growth and development in ASEAN countries, where such needs exist.

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Reading Time: 1 minute

India’s Prime Minister Manmohan Singh will sign a Free Trade Agreement in Services and Investment with ASEAN by next month, which will send a strong signal of deepening economic engagement between the 1.2-billion-people country and the 10-member bloc.

Reading Time: 1 minute

India’s Prime Minister Manmohan Singh will sign a Free Trade Agreement in Services and Investment with ASEAN by next month, which will send a strong signal of deepening economic engagement between the 1.2-billion-people country and the 10-member bloc.

Singh also pitched for enhanced cooperation between India and ASEAN for promotion of peace, security and stability in the region and addressing shared challenges. Addressing the India-ASEAN Summit on November 19 in Phnom Penh, Singh said, “India’s relationship with ASEAN members and with ASEAN institutionally continues to grow in all dimensions. Commerce and connectivity are vital areas of this relationship and we have made good progress in both.”

He noted that the existing India-ASEAN Free Trade Agreement on Trade in Goods has served well, with the two-way commerce increasing to nearly $80 billion in the Indian financial year ending March 2012, exceeding the target of $70 billion. The FTA in Goods was signed in 2009 but aspects related to services and investment were delayed due to strong differences between the two sides.

At the same time, he invited investments from the 10-nation ASEAN into India.

“India’s large markets and rapid growth offer enormous opportunities for investments. We are taking a series of steps to further improve investment environment and accelerate growth. We look forward to increased ASEAN investments into India,” Singh said.

He added that India would offer its own resources, expertise and experience to support growth and development in ASEAN countries, where such needs exist.

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