India signs FTA pact on services, investment with Asean

NEW DELHI: India has formally signed a Free Trade Agreement pact on services and investment with the 10- nation economic grouping, Asean.

The services agreement will open up opportunities for the movement of both manpower and investments from either side between India and Asean.

“Nine out of ten Asean countries have signed the same.

“Philippines is completing its domestic procedure and it is expected to sign soon,” India’s Ministry of Commerce and Industry said in a statement.

Both sides concluded negotiations for the agreements in 2012.

India- Asean Agreement on Trade in Goods was signed in 2009 and became effective from 2010.

The Trade agreement has boosted total trade between India and Asean substantially in the past four years.

Two-way trade between India and Asean stood at around US$76 billion in 2012-2013.

Both sides are targeting twoway trade to hit US$100 billion by 2015.

“The signing of the agreement in services and investment is reflective of India’s deep commitment to have a strong institutional architecture for economic ties with Asean,” the statement added.

As part of this economic vision, India is also part of the Regional Comprehensive Economic Partnership negotiations which is presently being discussed between Asean and its six partner countries namely, Australia, China, India, Japan, Korea and New Zealand. — Bernama