India hopes to conclude FTA with ASEAN in services soon

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Saurabh Gupta | 11 Dec, 2012
An early conclusion of the India-ASEAN Services and Investment Agreements would give a fillip to trade and investment between India and ASEAN countries, said Additional Secretary in the Commerce Ministry Rajeev Kher Monday.

"Yes, we expect that the India-ASEAN services and investments agreement will be concluded by December 20," said Additional Secretary, Commerce, while announcing the curtain raiser conference on '2nd India-ASEAN Business Fair (IABF) & Business Conclave' said at a FICCI function in New Delhi.

Kher said there are also some issue in investments area. "I in the interest of negotiations, I would not like to divulge, but there are a few areas of India's interests. A couple of areas in India's interest. In services area there are some areas in the investment side. Both sides are promising to show flexibility and I am if the flexibility is expressed, both sides we will be able to reach the mid ground," he added.

After operationalising free trade agreement in goods in August last year, both the sides engaged in widening the base of the pact by including services and investments. However, the talks were getting delayed due to differences in opening the sectors.

India-ASEAN bilateral relationship has been moving at a very rapid pace, touching USD 80 billion in 2011-12, recording a growth of 29 percent over the previous year. The momentum of this relationship is so high that the target USD 150 billion mark does not seem too distant, Kher said in his remark.

Meanwhile, the three-day event, a FICCI initiative which is supported by Ministry of Commerce & Industry, is a business summit as a run up to ASEAN-India Commemorative Summit in New Delhi on December 20-21, 2012. The theme of the summit is 'ASEAN-India Partnership for Peace and Shared Prosperity'.

The 2nd India-ASEAN Business Fair (IABF) and Business Conclave, that will be inaugurated in New Delhi on December 18, by Anand Sharma, Commerce, Industry and Textiles Minister of India and Trade Ministers from the 10 ASEAN countries. Surin Pitsuwan, ASEAN Secretary General, will be present on the occasion.

Also, on the sidelines FICCI will be organizing the 3rd ASEAN-India Business Council Meeting, on December 19. FICCI has tried to revive this initiative and having the 3rd meeting this year consecutively after the 2nd meeting in 2011, with all ASEAN Trade Ministers and 15 members from India and ASEAN business community sharing their perspectives.

A Buyer- Seller meeting which will cover the following sectors: Automotive & Light Engineering, Electric & Electronic Goods, Chemicals & Chemical Products, Biotechnology, Drugs & Pharmaceuticals, Plastic & Plastic articles, Infrastructure & Construction, Gems & Jewellery, Agriculture & Food Processing, Textiles, Handicrafts & Accessories, Services Sector including IT,ITES, Tourism, Health Care & Ayurveda etc.

Dr. A Didar Singh, Secreatary General, FICCI, pointed out that the Business Conclave will have business sessions on investment opportunities in India and ASEAN where corporates from India and ASEAN will share their experiences while Indian States - Madhya Pradesh, Andhra Pradesh, Tamil Nadu and Karnataka - will showcase some future opportunities.

"Another session on India-ASEAN Connectivity will cover business opportunities in the area of land, sea, air, digital, financial and media connectivity. There is also an investment session on Cambodia," Dr. Singh added.