Indian Prime Minister Narendra Modi (Source: VNA) New Delhi (VNA) – Indian PrimeMinister Narendra Modi has welcomed the decision of the Association ofSoutheast Asian Nations (ASEAN) to review its free trade agreement (FTA) withIndia.
Speaking at the 16th ASEAN-India Summit inBangkok, Thailand, on November 3, the Indian PM said the re-examination willmake their economic links stronger and trade more balanced.
An integrated, unified and economicallydeveloped ASEAN will serve India’s fundamental interests, he said.
The two sides were committed to buildingstronger links with road, maritime, air and digital connectivity, he added.
The PM also revealed India’s intent to integrateitself further with Southeast Asia.
Last month, ASEAN and India started reviewingthe FTA on goods to make the deal more user-friendly, simple and tradefacilitative.
In 2003, the two sides signed a frameworkagreement on comprehensive economic cooperation to establish ASEAN-India tradeand investment region, creating the basis for the subsequent FTAs includinggoods, services and investment.
They agreed to review the ASEAN-India Trade inGoods Agreement (AITIGA) inked in 2009.
Founded in 1967, ASEAN groups 10 membercountries, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, thePhilippines, Singapore, Thailand and Vietnam./.
VNA
