India, ASEAN pitches for early conclusion of FTA

Trade ministers of India and 10-nation ASEAN today asked their negotiating officials to step up efforts and show greater flexibility for early conclusion of the free trade pact in services and investments.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead Travelcafe
moneycontrol.com

Home » News » Business

Aug 16, 2011, 08.11 AM | Source: PTI

India, ASEAN pitches for early conclusion of FTA

Trade ministers of India and 10-nation ASEAN today asked their negotiating officials to "step up efforts" and show greater flexibility for early conclusion of the free trade pact in services and investments.

Like this story, share it with millions of investors on M3

India, ASEAN pitches for early conclusion of FTA

Trade ministers of India and 10-nation ASEAN today asked their negotiating officials to "step up efforts" and show greater flexibility for early conclusion of the free trade pact in services and investments.

Post Your Comments

Share Cancel

India, ASEAN pitches for early conclusion of FTA
Trade ministers of India and 10-nation ASEAN today asked their negotiating officials to "step up efforts" and show greater flexibility for early conclusion of the free trade pact in services and investments.

The services sector is of key interest to India as it contributes over 55% to its GDP. All the ministers including Commerce and Industry Minister Anand Sharma reviewed the progress of the talks on services and investment agreement besides other issues at the 'ASEAN Economic Ministers’ meet at Manado in Indonesia.

India and the Association of South East Asian Nations (ASEAN) have already implemented a free trade agreement ingoods and are engaged in intense negotiations to expand thispact to include services and investments.

"The Ministers reviewed the progress in the negotiations on services and investment agreement. They tasked the negotiators to step up their efforts and exhibit greater flexibility for completion of these negotiations with substance," an official statement said.

Informing about the flexibilities shown by India in the negotiations, Sharma urged ASEAN member countries to reciprocate with improved offers.

"The Ministers underscored the importance of the services and investment agreement to complement the Trade in Goods Agreement, in order to further enhance the economic integration of ASEAN and India," it added.

Trade between the two sides increased by 24% in 2010 to USD 51.3 billion. Foreign Direct Investments inflows from ASEAN has reached USD 14.25 billion in May 2011 and accounted for 10.36% of the country's total FDI.

Later in the day, Sharma also met the Economic Ministers from the East Asian Summit participating countries ie the ten ASEAN Member States-- Australia, China, Japan, Korea and New Zealand.

They exchanged views on regional and global issues affecting the East Asian region as well as developments in areas of economic cooperation within the East Asia Summit framework, it said.

"The Ministers noted the progress of the Working Groups that were tasked to look into the recommendations in the studies on the Comprehensive Economic Partnership in East Asia (CEPEA)," it said. Sharma also held bilateral meetings with the Trade Ministers of Australia, Indonesia and Philippines.

The Asean countries comprise of Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Thailand, Singapore and Vietnam.

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
India, ASEAN pitches for early conclusion of FTA

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login