Indo-Asean bilateral trade to grow at 15% p.a. if FTA signed:Asean

New Delhi, Nov 6 (UNI) The Indo-Asean bilateral trade volume will touch the 18-19 billion dollar mark by the end of this fiscal as against 15-17 billion dollars reported in the last financial year, and grow 10-15 per cent annually, if the free trade agreement (FTA) between India and Asean comes through.

''We see a substantial progress in the trade talks and it is expected that the agreement will be met by next year close to the Asean ministerial meet. We have to sit down and come out with a good list of compromise,'' Secretary General Asean Ong Keng Yong said here today.

''When trade relations between China and Korea could be implemented despite difficult negotiations, the gaps even between India-Asean will also be bridged up soon,'' he added.

The agreement would be mutually beneficial for both in the sharing of trade and services, Mr Yong said.

Beyond the FTA, there are large opportunities for co-operation in science and technology and socio-cultural areas including controlling diseases like bird flu besides other issues. Once the agreement comes through, investors will be more motivated with the opening up of new frontiers for bilateral trade.

''India is such a large market that it can absorb foreign investors,'' Mr Yong said.

Meanwhile, India has submitted a counter proposal with Asean to build further negotiations on the FTA issue, and will seek clarifications regarding the proposed sensitive list of trade items to be submitted by Asean at the next round of negotiations slated to be held in Jakarta from November 16-18.

India is still awaiting a formal response to its revised sensitive list of around 560 items. The earlier list had 864 items. New Delhi had submitted its revised list in August this year.

The sensitive list proposed by Asean members covers a range of products from agricultural items to chemicals and industrial products.

UNI DKS PV RA