Amid protests from domestic quarters and questions raised by several members of Parliament just a month before, India is geared up to sign the proposed Free Trade Agreement in goods with region?s biggest ten nation trade bloc Association of South East Asian Nation (Asean) on Thursday.
The agreement, to be signed on the first day of five-day 14th meeting of Asean?s trade and commerce ministers in Thailand, will bring to an end six years of negotiations. Confirming the development, commerce and industry minister Anand Sharma, here to sign the agreement, said that concerns of the southern states, particularly Kerela have been addressed in the FTA.
?The criticism was because of inadequate information and misinformed speculation. We have met the members of Parliament and the Prime Minister himself met the Kerala chief minister earlier to iron out the differences. The agreement will now throw open new oppurtunities for indian industry and exporters? community as well as Asean nations to enagage with each other,? Sharma said. Once signed, the India-Asean FTA is scheduled to be implemented from January 1, 2010.
The signing of the agreement between Asean and India on Thursday will throw open the 1.7 billion consumer market to each other. The Comprehensive Economic Cooperation Agreement (CECA) will eliminate duties on 80% of goods traded between the two over the next eight years.
Sharma said the agreement is well balanced and is in harmony with the India?s Look East Policy. ?I can say negotiations have been painstaking. The negotiators have ensured that our sensitive areas where we had concerns are fully addressed,? Sharma said.
