India, ASEAN to sign free trade pact in August

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India ASEANThe long-awaited agreement on trade in services and investment between India and the ten ASEAN nations will be inked at the ASEAN economic ministers meeting held in Brunei from August 20 to 24, creating a market of 1.8 billion people with a combined GDP of $3.8 trillion, Malaysian media reported.

India-Asean trade volume grew 37 per cent to reach $79 billion in 2012. Both parties said the trade target of $100 billion was “not too far away” to achieve. A trade target has been set of $100 billion by 2015 and $200 billion by 2022.

According to Malaysia’s trade minister Mustapa Mohamed, whose country is coordinating the negotiations for ASEAN, the issues of movement of people and intellectual property rights have been discussed until the end, but a “compromise” has been reached. While the ASEAN nations wanted the pact to include intellectual property, New Delhi was not ready for it. India also expected ASEAN to be “more accommodative” on the issue of movement of “natural persons” in the pact.

India and ASEAN already have a free trade agreement in goods since 2009 that saw a surge in commerce between Asia’s third-largest economy and Southeast Asian countries.

 

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Reading Time: 1 minute

The long-awaited agreement on trade in services and investment between India and the ten ASEAN nations will be inked at the ASEAN economic ministers meeting held in Brunei from August 20 to 24, creating a market of 1.8 billion people with a combined GDP of $3.8 trillion, Malaysian media reported.

Reading Time: 1 minute

India ASEANThe long-awaited agreement on trade in services and investment between India and the ten ASEAN nations will be inked at the ASEAN economic ministers meeting held in Brunei from August 20 to 24, creating a market of 1.8 billion people with a combined GDP of $3.8 trillion, Malaysian media reported.

India-Asean trade volume grew 37 per cent to reach $79 billion in 2012. Both parties said the trade target of $100 billion was “not too far away” to achieve. A trade target has been set of $100 billion by 2015 and $200 billion by 2022.

According to Malaysia’s trade minister Mustapa Mohamed, whose country is coordinating the negotiations for ASEAN, the issues of movement of people and intellectual property rights have been discussed until the end, but a “compromise” has been reached. While the ASEAN nations wanted the pact to include intellectual property, New Delhi was not ready for it. India also expected ASEAN to be “more accommodative” on the issue of movement of “natural persons” in the pact.

India and ASEAN already have a free trade agreement in goods since 2009 that saw a surge in commerce between Asia’s third-largest economy and Southeast Asian countries.

 

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