<p>The two-way trade between India and Asean are expected to double from the current level of $80 billion by 2022 even as it is expected to touch $100 billion by next year on account of increasing commercial engagement between the two sides.<br /><br /></p>.<p>“In 2009, FTA in goods was signed with ASEAN and because of that and through that trade between India and ASEAN have been reaching about $80 billion level. We hope by 2015 it will touch $100 billion and get doubled by 2022. So there is lot of scope," Commerce and Industry Minister Nirmala Sitharaman today said.<br /><br />She was speaking at 2nd India-CLMV (Cambodia, Laos, Myanmar and Vietnam) Business Conclave here. These countries are members of the 10-nation bloc Association of South East Asian Nations (Asean).<br /><br />The minister said that free trade agreement (FTA) in services and investments with the region would come into effect from July 1, 2015.<br /><br />She also said that a lot of business opportunities exist in the region and both the sides can enhance cooperation in areas including agriculture, skill development, energy and textiles.<br /><br />Speaking about the CLMV region, she said that Laos provides huge opportunities for Indian businesses in hydro-power generation.<br /><br />Laos has 26,000 MW hydro-power capacity but the installed capacity is only 7,000 MW.<br /><br />Economic ties<br />Sitharaman said that north-eastern states of India is keen to enhance economic ties with CLMV region.<br /><br />"We are very keen to open north-east part of India to increase connectivity with this region. We are looking at north-east as a threshold tool for our Act East Policy... India's Look East Policy (LEP) is a major pillar of foreign affairs. Now our attempt to sharp focus the LEP and (make it) and Act East policy," she added.<br /><br />She also said that India is working on the increasing air, rail, road and sea connectivity between India and CLMV region. There is a proposal to develop a trilateral highway connecting India, Myanmar and Thailand.<br /><br />However, the minister also raised concerns about pepper imports from Asean members to India. <br /></p>
<p>The two-way trade between India and Asean are expected to double from the current level of $80 billion by 2022 even as it is expected to touch $100 billion by next year on account of increasing commercial engagement between the two sides.<br /><br /></p>.<p>“In 2009, FTA in goods was signed with ASEAN and because of that and through that trade between India and ASEAN have been reaching about $80 billion level. We hope by 2015 it will touch $100 billion and get doubled by 2022. So there is lot of scope," Commerce and Industry Minister Nirmala Sitharaman today said.<br /><br />She was speaking at 2nd India-CLMV (Cambodia, Laos, Myanmar and Vietnam) Business Conclave here. These countries are members of the 10-nation bloc Association of South East Asian Nations (Asean).<br /><br />The minister said that free trade agreement (FTA) in services and investments with the region would come into effect from July 1, 2015.<br /><br />She also said that a lot of business opportunities exist in the region and both the sides can enhance cooperation in areas including agriculture, skill development, energy and textiles.<br /><br />Speaking about the CLMV region, she said that Laos provides huge opportunities for Indian businesses in hydro-power generation.<br /><br />Laos has 26,000 MW hydro-power capacity but the installed capacity is only 7,000 MW.<br /><br />Economic ties<br />Sitharaman said that north-eastern states of India is keen to enhance economic ties with CLMV region.<br /><br />"We are very keen to open north-east part of India to increase connectivity with this region. We are looking at north-east as a threshold tool for our Act East Policy... India's Look East Policy (LEP) is a major pillar of foreign affairs. Now our attempt to sharp focus the LEP and (make it) and Act East policy," she added.<br /><br />She also said that India is working on the increasing air, rail, road and sea connectivity between India and CLMV region. There is a proposal to develop a trilateral highway connecting India, Myanmar and Thailand.<br /><br />However, the minister also raised concerns about pepper imports from Asean members to India. <br /></p>