India, ASEAN Group Conclude FTA Deal

(RTTNews) - Thursday, the media reported that India and the 10-member Association Of South East Asian Nations group announced the concluding of free trade agreement deal that would break duty barriers for goods in the 1.5 billion people market. The Indian Commerce and Trade Minister, Kamal Nath, said that the countries of East Asia are important drivers of growth with large consumption to drive global economies.

Nath reportedly said that it took six years for India to understand the sensitivities of ASEAN and for the ASEAN to understand India at a joint press conference of India-ASEAN Economic Ministers. The report said that the agreement would be inked in December in Bangkok and economic ministers of the ASEAN countries welcomed the conclusion of Trade in Goods Agreement.

Negotiations for trade in services and investment as a single undertaking would begin as soon as possible, a joint statement issued by the leaders after the consultations said.
Singapore’s trade minister Lin Hng Kiang said, that India is ready and the responsibility is on ASEAN to congregate its team and start negotiations on services and investment.
The talks on services and investment are scheduled to wind up by next year-end. Nath said Singapore would coordinate for the services aspect while Malaysia will take care of the investment part, said the report.

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