All ASEAN members to implement trade pact with India by Aug

New Delhi, May 23 (PTI) The India-ASEAN trade pact, which
reduced duties on India's trade with Singapore, Thailand and
Malaysia since January, is expected to be operationalised with
the remaining seven members of the bloc by August.
India had signed the Free Trade Agreement (FTA) with the
Association of Southeast Asian Nations (ASEAN) in August 2009,
but it was operationalised by only three of its members.
An official in India's Commerce Ministry said that though
Singapore, Thailand and Malaysia account for more than 90 per
cent of India's trade with ASEAN countries, the remaining
seven were also "important markets".
The FTA, which significantly reduces or even eliminates
duties on goods such as machinery, steel and oilcake, was to
be extended to all ASEAN members by June. However, some of
them sought an extension of deadline.
"Some of the nations, such as Cambodia and Myanmar,
required approval from their Parliament. As for Philippines, a
new government had just taken over," the official added.
The seven countries, which are yet to implement the pact,
are Brunei Darussalam, Cambodia, Indonesia, Laos, Myanmar,
Philippines and Vietnam.
The Indo-ASEAN trade in goods stood at USD 45 billion in
2008-09. However, it declined in 2009-10 due to global
economic problems.
The two sides also engaged themselves in negotiations to
widen the base of the pact by including services and
investments in the trade treaty. PTI RR
MRD