<p>“Both the sides are now holding talks to further expand the terms and conditions of the Free Trade Agreement (FTA) to include services and investment thus paving the way for CEPA. We hope to achieve this by end of 2011,” Commerce Minister Anand Sharma said in the presence of Trade Ministers of ASEAN countries, who are here to attend the five-day India-ASEAN Business Fair and Conclave. <br /><br />India and ASEAN countries already have an FTA, which was operationalised from January last year after completion of negotiations spread over several years. But the current FTA does not include services and investment. India is particularly keen for inclusion of service sector under the ambit of FTA.<br /><br />The Malaysian International Trade and Industry Minister Dato Seri Mustapa Mohamed expressed confidence that CEPA between India and ASEAN countries would be successfully concluded by end of this year.<br /><br />However, he admitted that on the movement of natural persons, there were some concerns within the ASEAN countries that whether this could have an impact on job market for local people in the ASEAN region. Movement of natural persons would mean that professionals would be able to move more easily between India and ASEAN countries once the FTA includes services under its ambit.<br /><br />Earlier, inaugurating the first India-ASEAN Business Fair and Business Conclave Sharma said India is committed to larger economic integration of Asia which will be in natural process in the current global environment. <br /><br />He pointed out that there is a willingness among India and ASEAN countries to put in place institutional arrangements for taking the cooperation to next levels. <br /><br />India-ASEAN trade in 2010 stands at 50.33 billion dollars with India’s exports accounting for 22.52 billion dollars and imports accounting for $ 27.81 billion dollars. <br /><br />“With the coming into force of the India-ASEAN Trade in Goods Agreement, both sides are confident that the trade target of 70 billion dollars by 2012 would also be achieved”, Sharma said. <br /><br />Earlier in the day, Sharma and all the ASEAN Ministers made a courtesy call on Prime Minister Manmohan Singh, who was and apprised him of the progress of the negotiations.</p>
<p>“Both the sides are now holding talks to further expand the terms and conditions of the Free Trade Agreement (FTA) to include services and investment thus paving the way for CEPA. We hope to achieve this by end of 2011,” Commerce Minister Anand Sharma said in the presence of Trade Ministers of ASEAN countries, who are here to attend the five-day India-ASEAN Business Fair and Conclave. <br /><br />India and ASEAN countries already have an FTA, which was operationalised from January last year after completion of negotiations spread over several years. But the current FTA does not include services and investment. India is particularly keen for inclusion of service sector under the ambit of FTA.<br /><br />The Malaysian International Trade and Industry Minister Dato Seri Mustapa Mohamed expressed confidence that CEPA between India and ASEAN countries would be successfully concluded by end of this year.<br /><br />However, he admitted that on the movement of natural persons, there were some concerns within the ASEAN countries that whether this could have an impact on job market for local people in the ASEAN region. Movement of natural persons would mean that professionals would be able to move more easily between India and ASEAN countries once the FTA includes services under its ambit.<br /><br />Earlier, inaugurating the first India-ASEAN Business Fair and Business Conclave Sharma said India is committed to larger economic integration of Asia which will be in natural process in the current global environment. <br /><br />He pointed out that there is a willingness among India and ASEAN countries to put in place institutional arrangements for taking the cooperation to next levels. <br /><br />India-ASEAN trade in 2010 stands at 50.33 billion dollars with India’s exports accounting for 22.52 billion dollars and imports accounting for $ 27.81 billion dollars. <br /><br />“With the coming into force of the India-ASEAN Trade in Goods Agreement, both sides are confident that the trade target of 70 billion dollars by 2012 would also be achieved”, Sharma said. <br /><br />Earlier in the day, Sharma and all the ASEAN Ministers made a courtesy call on Prime Minister Manmohan Singh, who was and apprised him of the progress of the negotiations.</p>
