Good response to India-Asean FTA: Sushma Swaraj

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New Delhi | Published: March 12, 2015 1:09:47 AM

India has underlined the need for an approach that seeks to realize the Asean-India vision for partnership and prosperity and the target to...

India has underlined the need for an approach that seeks to realize the Asean-India vision for partnership and prosperity and the target to enhance their trade to $100 billion by 2015, and to double it to $ 200 billion by 2022.

Delivering the keynote address at the Inaugural Session of Delhi Dialogue VII, external affairs minister Sushma Swaraj said, “The implementation of the Asean-India FTA in goods, signed in 2009, has elicited a positive response from the business community and translated into a significant increase in bilateral trade, which has risen from under $44 billion in 2009-10 to over $76 billion in 2013-14, having registered an average growth of 22% per annum over the past decade.”

She pointed out that the investment flows are also substantial both ways, with Asean accounting for approximately 12.5% of investment flows into India since 2000. FDI outflows from India to Asean countries over the last seven  years were over $ 31 billion while FDI equity inflows into India from Asean countries during this period were over $ 25 billion.

It is expected that India-Asean Agreements on Trade in Services and Investment will also unleash large potential for mutual investment.

Similarly, we will also encourage our businesses to seize the investment opportunities presented by an economically integrated Asean.

The external affairs minister talked about enhancing connectivity between India and Asean in all its aspects —physical, institutional and people-to-people, as a key strategic priority. “Our North-Eastern region is our land-bridge to the Asean, and I am delighted that the chief ministers of so many states from the region have spared their valuable time to be with us this evening to contribute to our deliberations.”

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