India for early conclusion of services trade pact with ASEAN

Prakash Chawla
Cha-Am Hua Hin (Thailand), Oct 24 (PTI) India Saturday
pitched for an early conclusion of talks with 10 Southeast
Asian nations on trade in services and investments to create
an India-ASEAN regional trade and investment area.

"We attach high importance to the early conclusion of
negotiations on the trade in services and investment agreement
and we should direct our officials accordingly," India's Prime
Minister Manmohan Singh said at the 7th India-ASEAN summit
here Saturday.
After signing the Free Trade Agreement Association of
Southeast Asian Nations (ASEAN) in August, the two regions
have started negotiations to broadbase the pact to include
investment and services.
The FTA is now limited to trade in goods. With services
contributing 55 per cent of its economy, India is quite keen
on tapping the growing services market in Southeast Asia.
Singh, who would also participate in the East Asia summit
here, expressed confidence that the two-way trade between the
regions would touch USD 50 billion by 2010.
"We (India-ASEAN) should aim for an even higher target
for our trade turnover," he said. India-ASEAN trade was
estimated at USD 48 billion in 2008.
He said the free trade pact is a first major step
towards creating an India-ASEAN regional trade and investment
area.
Singh also proposed steps like intensification of talks
on an open skies policy, simplification of the visa regime to
encourage business and tourist travel to further strengthen
the two-way ties. PTI PC
ANU


The information contained in this electronic message and any attachments to this
message are intended for the exclusive
use of the addressee(s) and may contain proprietary, confidential or privileged
information. If you are not the intended
recipient, you should not disseminate, distribute or copy this e-mail. Please
notify the sender immediately and destroy
all copies of this message and any attachments contained in it.