Press Esc to close
Thursday 27 November 2014
News updated at 3:55 AM IST
Weather
Max: 0°C
Min : 0°C
In Bengaluru
Sunny day

India ready to sign FTA in Services, Investment with ASEAN: PM

Phnom Penh, Nov 19, 2012 (PTI)
Prime Minister Manmohan Singh shakes hands with Chinese Premier Wen Jiabao during a Bilateral Meeting in Phnom Penh, Cambodia on Monday. PTI

India is prepared to conclude the Free Trade Agreement in Services and Investment with ASEAN by next month, which will send a strong signal of deepening economic engagement, Prime Minister Manmohan Singh announced here today.

He also pitched for enhanced cooperation between India and 10-nation ASEAN for promotion of peace, security and stability in the region and addressing shared challenges.
Addressing the India-ASEAN Summit here, Singh said, "India's relationship with ASEAN members and with ASEAN institutionally continues to grow in all dimensions.

Commerce and connectivity are vital areas of this relationship and we have made good progress in both."


He noted that the India-ASEAN Free Trade Agreement on Trade in Goods has served well, with the two-way commerce increasing to nearly USD 80 billion in the Indian financial year ending March 2012, exceeding our target of USD 70 billion.

"I would like to inform Your Excellencies that India is prepared to conclude the Agreement on Trade in Services and Investment Promotion before the Commemorative Summit in Delhi in December. This will be a strong signal of our deepening economic engagement, and will allow for rapid expansion in trade and investment flows in both directions," Singh said.

The FTA in Goods was signed in 2009 but aspects related to Services and Investment were delayed due to strong differences between the two sides.

Singh, who was addressing the 10th Summit of the grouping, underlined that future of peace, stability and prosperity in the Asia Pacific requires increased cooperation and integration in the region.

"ASEAN has shown the way in this regard. We support the objectives of an ASEAN Community by 2015, the Initiative for ASEAN Integration and the ASEAN Master Plan on Connectivity," the Prime Minister said.

Go to Top

Photo Gallery
It is business as usual in Leopold Cafe on the eve of the anniversary ...

It is business as usual in Leopold Cafe on the eve of the anniversary ...

England's captain Alastair Cook (R) talks with his teammate Ravi Bopara...

England's captain Alastair Cook (R) talks with his teammate Ravi Bopara...

Models pose with a car during the inauguration of the Lamborghini showroom...

Models pose with a car during the inauguration of the Lamborghini showroom...

Women from the Delhi police force, undergo martial arts training...

Women from the Delhi police force, undergo martial arts training...

Indian tennis player Sania Mirza blows whistle to joins campaign...

Indian tennis player Sania Mirza blows whistle to joins campaign...

Children rights activist Baburaj, Good Sheperd High School headmistress ...

Children rights activist Baburaj, Good Sheperd High School headmistress ...

A Sun Bird sits on a branch of Jacaranda flower tree...

A Sun Bird sits on a branch of Jacaranda flower tree...

BJP MP'S meeting in Parliament house...

BJP MP'S meeting in Parliament house...

Bipasha Basu and Milind Soman at Pinkathon announcement

Bipasha Basu and Milind Soman at Pinkathon announcement

Modi with BJP leaders at an election rally in Jharkhand

Modi with BJP leaders at an election rally in Jharkhand

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523