India-ASEAN trade pact on services in August: Lao Minister

New Delhi, Jan 21 (PTI) India and the 10-nation
Association of Southeast Asian Nations (ASEAN) bloc will ink a
pact to liberalise trade in services and investments in
August, Lao Minister of Industry and Commerce Nam Viyaketh
said here Thursday.

"The negotiations on the liberalisation of trade in
services and investment are still going on, which will be
ready for signing in August 2010," Viyaketh said at a
Federation of Indian Chambers of Commerce and Industry (FICCI)
function. Lao is a member nation of ASEAN.
India and the ASEAN signed a free trade agreement on
merchandise in August last year.
Singapore, Malaysia and Thailand operationalised the
pact with India on January 1, while the other seven nations
are expected to follow in the coming months.
Viyaketh said the FTA in goods will also help Laos to
increase its meager USD 3.2 million (in 2008) trade with
India.
He invited Indian corporates to invest in Laos, which has
abundant resources in mining and hydropower but is short of
capital.
"...Laos possesses limited resources such as capital,
technology and management, investment in the forms of wholly
foreign-owned or joint ventures are encouraged and promoted,"
he said. PTI NKD