ASEAN-India trade expected to reach 60 bln USD
Two-way trade between ASEAN and India
is forecast to increase to 60 billion USD in 2010 from 48 billion USD
in 2008 thanks to their recently-signed free trade agreement (FTA).
Two-way trade between ASEAN and India
is forecast to increase to 60 billion USD in 2010 from 48 billion USD
in 2008 thanks to their recently-signed free trade agreement (FTA).
The two sides plan to remove most barriers, mainly tariff, hindering their trade by 2016, said President of the Thai Trade Representative Office Kiat Sittheeamorn.
By that time, taxes imposed on sensitive commodities will be also reduced to five percent, the president added.
The Association of Southeast Asian Nations (ASEAN) strives to become an economic community by 2015 with the establishment of a regional common market.
ASEAN and India signed a free trade agreement (FTA) in Bangkok on August 13 after six years of negotiations. 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.
ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam./.
The two sides plan to remove most barriers, mainly tariff, hindering their trade by 2016, said President of the Thai Trade Representative Office Kiat Sittheeamorn.
By that time, taxes imposed on sensitive commodities will be also reduced to five percent, the president added.
The Association of Southeast Asian Nations (ASEAN) strives to become an economic community by 2015 with the establishment of a regional common market.
ASEAN and India signed a free trade agreement (FTA) in Bangkok on August 13 after six years of negotiations. 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.
ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam./.
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