India & Asean usher in trade pact in services, investments

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fe Bureau: New Delhi, Dec 21 2012, 02:43 IST

India on Thursday said its free trade agreement (FTA) in goods with the 10-nation Association of South East Asian Nations (Asean) would be expanded soon to include services and investments, a move that would reinforce New Delhi’s ‘Look East Policy’ in the realm of trade and economic engagement and ease movement of Indian doctors, engineers, accountants and professionals in various other trades to the Asean countries. Although the two sides did not sign an agreement to enlarge the scope of the three-year-old FTA in goods at the India-Asean Commemorative Summit here, India said the contours of the agreement have been “finalised”.

The agreement would be signed at an “appropriate date”.

Speaking at the plenary session, Prime Minister Manmohan Singh said trade between the two would exceed $100 billion by 2015 (now $80 billion), adding, “we should aim for the milestone of $200 billion ten years from now.”

External affairs minister Salman Khurshid said: “We are satisfied and there are no rough edges in the services and investment FTA.” Commerce minister Anand Sharma said: “Its a matter of great satisfaction that negotiations on India-Asean Trade in Services and Investment were brought to a successful conclusion. Negotiators from all countries brought different perspectives to the table. However, political mandate from the highest levels ensured that all outstanding issues were resolved appropriately. This will pave way for the larger Regional Comprehensive Economic Partnership taking shape in the East Asian Region.” It may be noted that the Asean side hasn’t seemed particularly keen to sign

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