India looks forward to early conclusion of negotiations on India-ASEAN Trade-in-Services and Investment Agreement

India looks forward to early conclusion of negotiations on India-ASEAN Trade-in-Services and Investment Agreement

In his statement at the 7th India-ASEAN summit, Prime Minister, Manmohan Singh said, “India’s engagement with the ASEAN is at the heart of our Look East Policy. We are convinced that India’s future and our economic interests are best served by greater integration with our Asian partners.”
The ASEAN region is synonymous with dynamic economic growth. The adoption of the ASEAN Charter in December 2008 is a manifestation of the growing profile of ASEAN in world affairs.

India-ASEAN trade has grown at a healthy rate despite the recent global economic downturn. The volume of trade stood at US$ 48 billion in 2008. Despite the economic downturn, I am confident that we can achieve our bilateral trade target of US$ 50 billion by 2010. With the conclusion of the Trade-in-Goods Agreement, we should aim for an even higher target for our trade turnover.
“The conclusion of the India-ASEAN Trade-in-Goods Agreement in August 2009 is a major first step in our objective of creating an India-ASEAN Regional Trade and Investment Area. The journey was not easy, but we have succeeded in overcoming several difficulties, and this gives us hope for the future,” Singh said, adding, “We attach high importance to the early conclusion of negotiations on the Trade-in-Services and Investment Agreement, and we should direct our officials accordingly.”

Going with the theme of the ASEAN summit, which is Enhancing Connectivity, Empowering Peoples, Singh proposed establishment of an India-ASEAN Round Table, intensification of negotiations on an open skies policy, further simplification of the visa regime to encourage business and tourist travel, a much larger number of youth exchange programmes, and commencement of exchanges of Parliamentarians between India and the ASEAN Inter-Parliamentary Assembly, holding an ASEAN Trade and Industrial Exhibition in India in October 2010 or January 2011, enhanced cooperation in the agriculture sector with a view to meeting the challenges of food security, and cooperation in the application of space technologies.


Courtesy: PMO release