Indo-Asean FTA to roll out soon: Yong

New Delhi, Nov 6 (UNI) The Indo-Asean bilateral trade volume will touch 18-19 billion dollar mark by the end of this financial year in comparison to 15-17 billion dollars during the last fiscal.

This figure is likely to grow by 10-15 per cent annually if the free trade agreement (FTA) between India and Asean gets through, Secretary General Asean Ong Keng Yong said here today.

''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,'' Mr Yong said.

''When trade realtions with China, Korea has been implemented despite difficult negotiations, gaps between the India-Asean would also be bridged up soon,'' he added.

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

Beyond the FTA, there are large opportunities for cooperation in science and technology and socio-cultural areas including controlling diseases like bird flu and others.

Once the agreement goes through, investors will be more motivated due to 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.

India will seek clarifications regarding the proposed sensitive list of trade items 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 HT1505