India implements FTA on goods with Brunei

New Delhi, Nov 2 (PTI) Taking its FTA with the 10-nation
Asean bloc a step further, India has implemented a free trade
pact with Brunei Darussalam that slashes import duties on
thousands of products, like seafood, chemicals and apparel.

In turn, Brunei Darussalam will also slash import duties
on a host of Indian goods.
Now that the trade pact with Brunei Darussalam has come
into force, the agreement signed with the Association of
Southeast Asian Nations (Asean) bloc in 2009 has become
functional with seven member countries.
Besides Brunei Darussalam, the other six countries with
which India has operationalised FTAs are Indonesia, Vietnam,
Myanmar, Malaysia, Singapore and Thailand.
While India and the Asean grouping signed a Free Trade
Agreement (FTA) on goods in August, 2009, it was to be
separately notified by New Delhi for each member country.
A notification bringing the FTA with Brunei into
effect has been issued by the Central Board of Excise
and Customs (CBEC).
India-Brunei bilateral trade was USD 453 million in
2009-10.
A Commerce Ministry official said pact with the remaining
three Asean members -- Cambodia, Laos and the Philippines --
are also expected to become functional in the coming months.
India and Asean trade in goods is expected to touch USD
70 billion by 2012 from the present USD 43.5 billion.
The two are also engaged in negotiations to broadbase the
FTA by liberalising the services and investment regime. PTI RR
HMI