ID :
165468
Thu, 03/03/2011 - 07:11
Auther :
Shortlink :
https://oananews.org//node/165468
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ASEAN, INDIA SET TO MOVE FORWARD IN ECONOMIC TIES
From Minggu Simon Lhasa
NEW DELHI, March 3 (Bernama) -- If the huge crowd at the inauguration of the India-Asean Business Fair & Business Conclave (IABF) is any indication, India and the Association of South-East Asian Nations (Asean) are ready to move a step forward in their economic relationships.
Trade between Asean and India reached an impressive US$50 billion (US$1= RM3.00) last year, and was targeted to grow to US$70 billion by 2012, a figure which is not beyond reach as between 2006-2008, it has been growing at 28 per cent.
Over 600 participants, comprising exhibitors from 270 Asean companies and 200 Indian companies, media and officials, packed the hall to listen to any indication of commitments from Asean and India to move forward the Asean-India Free Trade Agreement.
They were not disappointed.
Both sides said they were ready to move forward to deepen their economic ties and to increase efforts to conclude the Asean-India services and investment agreements when negotiators meet in Brunei later this month.
Minister of International Trade and Industry, Mustapa Mohamed, said Asean and India must work together to complete these agreements.
"There are, however, challenges along the way but they are not
insurmountable given the strong political commitment," he said when delivering a keynote address on behalf of Asean, at the conclave on Tuesday.
At a press conference later, Mustapa said offers and counter-offers were normal in any negotiations.
Asean members, he said, were concerned about the impact of the movements of people on their services sector.
The Asean-India Trade in Goods Agreement, the first part of the free trade agreement (FTA), came into force in January last year.
India's Minister of Commerce and Industry of India, Shri Anand Sharma, who shares this hope, said Asean and India had complementary strength in the services sector.
"Based on offers from India and Asean, both sides will see what they can do to conclude the agreement early.
"There will be no overnight transformation with signing of FTA, but it will enhance market access," he said.
Philippines Secretary of Department of Trade and Industry, Gregory L Domingo, said the country, which has reservations, would not resist the agreement.
"The Philippines has certain constraints in our constitution regarding the movement of natural persons. So in crafting the services side of the agreement, we really have to take into consideration our constitional constraints," he said.
Meanwhile, the grouping's deputy secretary-general for Asean Economic Community, Sundram Pushpanathan, said it was a technical issue and could be resolved with give-and-take approach.
"Perhaps Asean can give a bit on the services side and gained more on investment side," he said.
He was optimistic the services and investment agreements could be concluded by year-end.
NEW DELHI, March 3 (Bernama) -- If the huge crowd at the inauguration of the India-Asean Business Fair & Business Conclave (IABF) is any indication, India and the Association of South-East Asian Nations (Asean) are ready to move a step forward in their economic relationships.
Trade between Asean and India reached an impressive US$50 billion (US$1= RM3.00) last year, and was targeted to grow to US$70 billion by 2012, a figure which is not beyond reach as between 2006-2008, it has been growing at 28 per cent.
Over 600 participants, comprising exhibitors from 270 Asean companies and 200 Indian companies, media and officials, packed the hall to listen to any indication of commitments from Asean and India to move forward the Asean-India Free Trade Agreement.
They were not disappointed.
Both sides said they were ready to move forward to deepen their economic ties and to increase efforts to conclude the Asean-India services and investment agreements when negotiators meet in Brunei later this month.
Minister of International Trade and Industry, Mustapa Mohamed, said Asean and India must work together to complete these agreements.
"There are, however, challenges along the way but they are not
insurmountable given the strong political commitment," he said when delivering a keynote address on behalf of Asean, at the conclave on Tuesday.
At a press conference later, Mustapa said offers and counter-offers were normal in any negotiations.
Asean members, he said, were concerned about the impact of the movements of people on their services sector.
The Asean-India Trade in Goods Agreement, the first part of the free trade agreement (FTA), came into force in January last year.
India's Minister of Commerce and Industry of India, Shri Anand Sharma, who shares this hope, said Asean and India had complementary strength in the services sector.
"Based on offers from India and Asean, both sides will see what they can do to conclude the agreement early.
"There will be no overnight transformation with signing of FTA, but it will enhance market access," he said.
Philippines Secretary of Department of Trade and Industry, Gregory L Domingo, said the country, which has reservations, would not resist the agreement.
"The Philippines has certain constraints in our constitution regarding the movement of natural persons. So in crafting the services side of the agreement, we really have to take into consideration our constitional constraints," he said.
Meanwhile, the grouping's deputy secretary-general for Asean Economic Community, Sundram Pushpanathan, said it was a technical issue and could be resolved with give-and-take approach.
"Perhaps Asean can give a bit on the services side and gained more on investment side," he said.
He was optimistic the services and investment agreements could be concluded by year-end.
