Asean Agreement India

In 2008, the total volume of ASEAN-India trade was $47.5 billion. ASEAN`s exports to India amounted to $30.1 billion , a 21.1% increase over 2007. ASEAN imports from India amounted to $17.4 billion , a 40.2 per cent increase over 2006. With regard to foreign direct investment (FDI), India`s inflow to ASEAN Member States amounted to USD 476.8 million in 2008, or 0.8% of the region`s total. India`s total direct investment in ASEAN amounted to $1.3 billion between 2000 and 2008. The trade and investment statistics of ASEAN`s dialogue partners can be accessed by www.asean.org/22122.htm. New Delhi: India continues to review its free trade agreement (FTA) for goods with ASEAN may not happen as quickly as it had hoped, as most Southeast Asian nations are reluctant to engage in delicate negotiations immediately. Recognizing this development and recognizing the economic potential for closer ties, both sides recognized opportunities to deepen trade and investment relations and agreed to negotiate a framework agreement to pave the way for the creation of an ASEAN-India Free Trade Area (FTA). [7] As part of its initial bilateral framework agreement, signed in Bali on 8 October 2003, the india-ASEAN free trade agreement for goods was to be concluded by 30 June 2005. Negotiations on services will begin in 2005 and end in 2007. Following the virtual meeting of ASEAN and India economic ministers last month, at which the decision to review the goods trade agreement was reiterated, India continued its urgency with a letter to ASEAN Secretary General Lim Jock Hoi.

It went on to say that “subject to the outcome of the scoping exercise,” the ASEAN-India Joint Committee will be activated for the effective revision of the agreement. Before the signing of the agreement, Kerala`s Chief Minister, V.S. Achuthanandan, led a delegation to the Indian Prime Minister to protest against the free trade agreement. The state of Kerala is a major exporter of domestic exports of plantation products.

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