India, Asean expand free trade pact

Discussion in 'Economy & Infrastructure' started by Yusuf, Dec 21, 2012.

  1. Yusuf

    Yusuf GUARDIAN Administrator

    Mar 24, 2009
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    NEW DELHI: India and Asean on Thursday extended their free trade pact to include services and investment, a move that will help Indian doctors, nurses and engineers get access to the vast markets in East Asia. The trading partners, however, decided on at least three set of rules — one for eight Asean members and two separate sets of norms for Philippines and Indonesia that feared adverse impact of India's entry into their markets.

    India is learnt to have agreed to the Philippines's demand to ensure that contractual service supplier (CSS) are persons who are executives, managers or specialists and have been an employee of a local entity. Even Vietnam and Indonesia's concerns on the issue have been addressed, a source privy to the discussions said.

    With the long-awaited deal out of the way, PM Manmohan Singh said trade between India and the 10-member trading bloc will exceed $100 billion by 2015 and set a target of reaching $200 billion over the next decade. India, whose services sector contributes about 55% in the country's economic growth, was very keen to enter the Asean market as it will help Indian companies tap the markets easily.

    "While negotiators from all the countries brought different perspectives to the table, coming from different developmental perspectives, political mandate from the highest level ensured that all outstanding issues were resolved appropriately. This will pave way for larger Regional Comprehensive Economic Partnership taking shape in East Asian Region," commerce & industry minister Anand Sharma said.
    India, Asean expand free trade pact - TOI Mobile | The Times of India Mobile Site

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