INDIA SIGNED FREE TRADE AGREEMENT WITH (ASEAN)
- India has finally signed a free trade agreement (FTA) with the Association of Southeast Asian Nations (ASEAN) after years of delay that will include tariff cuts on an estimated 4,000 products.
The FTA is expected to boost trade between the two to US$50 billion by next year. “The agreement with ASEAN is well-balanced and is in harmony with India’s ‘Look East’ policy,” said Commerce and Industry minister Anand Sharma in a statement after the signing ceremony in Bangkok yesterday.
The agreement will be implemented beginning January 1, 2010 and will take take out duties on about 3,200 products by December 2013, while duties on the remaining 800 products will be brought down to zero or near zero levels by December 2016 says The Economic Times.
The FTA is expected to boost trade between the two to US$50 billion by next year. “The agreement with ASEAN is well-balanced and is in harmony with India’s ‘Look East’ policy,” said Commerce and Industry minister Anand Sharma in a statement after the signing ceremony in Bangkok yesterday.
The agreement will be implemented beginning January 1, 2010 and will take take out duties on about 3,200 products by December 2013, while duties on the remaining 800 products will be brought down to zero or near zero levels by December 2016 says The Economic Times.
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