CII calls for quick ASEAN India FTA in services, investment

20.11.2012 (UNI) The Confederation of Indian Industry (CII) demanded speedy conclusion of the India-ASEAN Free Trade Agreement (FTA) in services and investment to ensure that both sides could reap quick gains from such a pact.

In a statement coinciding with Prime Minister Manmohan Singh's visit to Cambodia for the 10th ASEAN-India Summit, the CII said huge benefits would arise from greater integration, especially in the sectors of infrastructure development, education and services.

The India-ASEAN FTA had opened up new areas of cooperation like trade and investment, agriculture, renewable energy science and technology, education, tourism, climate change, media.

Mr Chandrajit Banerjee, Director General, CII, said India and ASEAN countries were among the biggest beneficiaries of the shift in global economic equations and could jointly leverage their large markets and development endeavours.

'Close economic and trade ties with 10-member ASEAN bloc forms the central part of India's Look East Policy,' he said and urged the leaders of both regions to provide political direction for expediting the conclusion of trade and investment agreement being negotiated under the Indo-ASEAN FTA.

ASEAN has emerged as one of the most important trading partners of India accounting for bilateral trade of 79 billion US Dollars (10 per cent of India's total trade) in 2011-12, crossing the target of 70 billion Dollars by 2012 set in 2009.

From a Sectoral Dialogue Partnership in 1992, India-ASEAN partnership was raised to full Dialogue Partnership in 1996.

Sourced: indlawnews