India, ASEAN to sign free trade pact in August

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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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. 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...

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.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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