Friday 25 April 2014
News updated at 2:16 AM IST
Weather
Max: 34.6°C
Min : 22.8°C
In Bangalore
Generally cloudy

Open to Asean services trade pact, says India

Phnom Penh, Nov 19, 2012, PTI:

PM woos investments into the country

Prime Minister Manmohan Singh, on Monday, announced that India is ready to conclude the much- delayed Free Trade Agreement in Services and Investment with Asean by next month that will provide a “springboard” for rapid expansion in ties, as he invited investments from the 10-nation grouping citing “enormous opportunities”.

Contending that enhanced cooperation between India and Asean was crucial for promotion of peace, security and stability in the region and addressing shared challenges, he said the agreement in services and investment with Asean will send a strong signal of deepening economic engagement. He also cited the steps taken by India to improve investment environment.

Addressing the India-Asean Summit, Singh said India’s relationship with the 10-nation grouping continues to grow in all dimensions, with commerce and connectivity being vital areas of this relationship in which good progress has been made.


He referred to the India-Asean Free Trade Agreement on Trade in Goods signed in 2009 and said it has served well, with the two-way commerce increasing to nearly US$80 billion in the Indian financial year ending March 2012, exceeding the target of US$70 billion.

The ASEAN-India Commemorative Summit would be held in Delhi on December 20-21. The FTA in services and investment was delayed due to strong differences between the two sides.  “I have no doubt that the conclusion of the agreement on trade in services and investments, together with our existing agreement on trade in goods, will be a springboard for rapid expansion in our economic relations,” Singh said, adding “the promising initiatives for cooperation in diverse sectors will add additional depth and range to our cooperation”.

At the same time, he invited investments from the 10-nation Asean into India.
“India’s large markets and rapid growth offer enormous opportunities for investments. We are taking a series of steps to further improve investment environment and accelerate growth. We look forward to increased ASEAN investments into India,” the Prime Minister said.

He said India would offer its own resources, expertise and experience to support growth and development in Asean countries, where such needs exist. Expressing happiness over increased presence of Indian private sector in the region, he said, “I would also like to stress the importance of creating an environment that makes it easier for our professionals, entrepreneurs, students and tourists to travel between India and Asean countries”.

Noting that “this is a time of challenges in the region, but also of immense opportunities to shape its future”, Singh said, “I am convinced that India and Asean can play an important and constructive role in building the regional architecture”.

He referred to the East Asia Summit taking place here tomorrow and said it would launch negotiations for Regional Comprehensive Economic Partnership.

Go to Top

Photo Gallery
A fan offers sweet to a poster of Sachin Tendulkar on his 41st birthday, in Bikaner on Thursday...

A fan offers sweet to a poster of Sachin Tendulkar on his 41st birthday, in Bikaner on Thursday...

A physically challenged boy shows his voter identity card after casting vote for the Lok Sabha...

A physically challenged boy shows his voter identity card after casting vote for the Lok Sabha...

Elderly women outside a polling booth before casting their votes in Malda, West Bengal on ...

Elderly women outside a polling booth before casting their votes in Malda, West Bengal on ...

Voters show their identity cards as they wait to cast votes for Lok Sabha elections at a village...

Voters show their identity cards as they wait to cast votes for Lok Sabha elections at a village...

Bollywood actor Shah Rukh Khan displays the indelible ink mark on his finger after casting his ...

Bollywood actor Shah Rukh Khan displays the indelible ink mark on his finger after casting his ...

Catholic nuns show their inked finger after casting their vote for the Lok Sabha polls in ...

Catholic nuns show their inked finger after casting their vote for the Lok Sabha polls in ...

Malayalam film actor Mammootty presents a memento to prominent Malayalam writer and Janapith ...

Malayalam film actor Mammootty presents a memento to prominent Malayalam writer and Janapith ...

Women voters show their voter identity cards as they wait in queues to cast votes for Lok Sabha ...

Women voters show their voter identity cards as they wait in queues to cast votes for Lok Sabha ...

Bollywood legend Amitabh Bachchan, his wife Jaya Bachchan,  son Abhishek Bachchan, and daughter...

Bollywood legend Amitabh Bachchan, his wife Jaya Bachchan, son Abhishek Bachchan, and daughter...

Industrialist Mukesh Ambani with wife Nita Ambani and sons showing ink marked fingers after ...

Industrialist Mukesh Ambani with wife Nita Ambani and sons showing ink marked fingers after ...

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