Indian effort to promote trade with ASEAN countries

New Delhi, Aug 25 (ANI): Minister of Commerce and Industry Anand Sharma is leading an official delegation to Vietnam to review the India-ASEAN services and investment negotiations along with his ASEAN countries' counterparts from August 26-27.

Sharma is scheduled to hold discussions with the Trade and Commerce Ministers of ASEAN comprising Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam in the ASEAN Economic Ministers' - India Consultations.

These consultations are also Ministerial-level preparations for the ensuing ASEAN-India Summit at Hanoi in October 2010.

India has already signed the India-ASEAN Trade in goods agreement that covers tariff liberalisation between the parties, which has come into force from January 1 2010.

India - ASEAN trade stood at 43.5 billion dollars in 2009-10 and is targeted to reach US$ 70 billion by 2012.

India and ASEAN countries are currently negotiating a Services and Investment Agreement.

India is keen to conclude a liberal agreement that would have substantial sectoral coverage and would provide commercially meaning market access. The current meeting is part of the negotiation process.

Sharma is also slated to meet Trade/Commerce Ministers of the countries representing the East Asia Summit (EAS) during this visit.

Sharma will also hold bilateral meetings with Japanese Minister of Economy and Trade and Industry, Masayuki Naoshima, EU Trade Commissioner, Karel De Gutch and Malaysian Minister for International Trade and Investment, Mustapa Mohamed.

He will look forward to reiterating high commitment of India for an early and balanced outcome of these FTA negotiations. (ANI)