ASEAN, India ink free trade agreement
India and the Association of Southeast
Asian Nations, known as ASEAN, signed a free trade agreement (FTA) in
Bangkok on August 13 after six years of negotiations.
India and the Association of Southeast
Asian Nations, known as ASEAN, signed a free trade agreement (FTA) in
Bangkok on August 13 after six years of negotiations.
Thai and Indian officials said the deal would remove tariff barriers imposed on electronic appliances, chemicals, machines and textile-garment products which account for 80 percent of bilateral exports.
However, the FTA will not cover software and IT products which have been India ’s strengths.
Under the agreement, which will take effect as of January 1, 2010, tariffs on the targeted products will be reduced to 0 percent between 2013 and 2016.
ASEAN is currently India ’s fourth largest trade partner, behind the European Union (EU), the US and China. Two-way trade between ASEAN and India reached 47 billion USD last year.
ASEAN groups the countries of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam./.
Thai and Indian officials said the deal would remove tariff barriers imposed on electronic appliances, chemicals, machines and textile-garment products which account for 80 percent of bilateral exports.
However, the FTA will not cover software and IT products which have been India ’s strengths.
Under the agreement, which will take effect as of January 1, 2010, tariffs on the targeted products will be reduced to 0 percent between 2013 and 2016.
ASEAN is currently India ’s fourth largest trade partner, behind the European Union (EU), the US and China. Two-way trade between ASEAN and India reached 47 billion USD last year.
ASEAN groups the countries of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam./.
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