India, ASEAN nations to unveil five-year action Plan of Action

Ajay Kaul
Hanoi, Oct 29 (PTI) India's relations with South East
Asian countries are expected to witness a boost with the two
sides set to unveil a five-year Plan of Action at the
India-ASEAN Summit here tomorrow which will be attended by
Indian Prime Minister Manmohan Singh.
Singh will also attend the East Asia Summit where the
US and Russia are expected to be included as members of the
16-nation grouping.
The India-ASEAN and East Asia Summits will deliberate
on a host of issues concerning the region and beyond,
including security, energy, trade and connectivity.
The India-ASEAN Summit is expected to adopt a Plan of
Action, outlining ways to boost their cooperation across
board.
The Summit is expected to discuss ways to further
liberalise trade in the region through a pact that goes beyond
the free trade agreement which was signed last year and covers
only goods.
The ASEAN-India Trade in Goods (TIG) Agreement was
signed in Bangkok on August 13, last year, after six years of
negotiations, and came into force on January 1, this year.
Seen as the world's largest FTA, covering a market of
almost 1.8 billion people with a combined GDP of USD 2.8
trillion, the ASEAN-India pact envisages tariff liberalisation
of over 90 percent of products traded between the two dynamic
regions.
Tariffs on over 4,000 product lines will be eliminated
by 2016, at the earliest.
The 7th ASEAN-India Summit in Cha-am Hua Hin, Thailand
on October 24, 2009 agreed to revise the bilateral trade
target to USD 70 billion to be achieved in the next two years,
noting that the initial target of USD 50 billion set in 2007
may soon be surpassed.
ASEAN and India are currently working towards the
early conclusion of the Trade in Services and Investment
Agreements, which is expected to come up at tomorrow's Summit.
Ahead of his visit here, Singh had said that he would
discuss with with the ASEAN leaders "a road map for our future
cooperation which will be reflected in an India-ASEAN Plan of
Action for 2010-2015," Singh said.
After the India-ASEAN Summit, Singh will attend the
East Asia Summit which will also discuss energy cooperation,
trade, climate change and disaster mitigation among other
issues.
Singh had earlier noted that the EAS has made
significant progress in a short period of existence.
"This year's Summit is expected to welcome the US and
Russia into the EAS process," he had noted.
At tomorrow's meet, Singh will update the EAS leaders
on steps taken by India on the revival of the Nalanda
University, the ancient seat of learning which was endorsed by
the Summit in 2009. PTI