ID :
17338
Fri, 08/29/2008 - 10:03
Auther :
Shortlink :
https://oananews.org//node/17338
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ASEAN, India give Laos full support for WTO access
(KPL) ASEAN member countries and India assure Laos of their continued support in her accession to the World Trade Organisation, according to the Sixth Consultations between the ASEAN Economic Ministers (AEM) and the Minister of Commerce and Industry of the Republic of India, held in Singapore yesterday.
Lao delegation to the event was led by Minister of Industry and Commerce, Dr Nam Viyaketh.
The ASEAN-India bilateral trade continues to grow at impressive rates despite many challenges in global and regional trade. From 2005-2007, trade in goods between ASEAN and India increased at an average annual rate of 28 percent. ASEAN exports to India during the same period grew at an annual rate of 31 per cent on average, the fastest among ASEAN?s exports to major trading partners.
The share of ASEAN-India trade in relation to total ASEAN trade continued to increase and India remains ASEAN?s seventh largest trading partner. On the investment side, in 2007, India ?s Foreign Direct Investment to ASEAN, valued at USD 641 million, was the highest ever recorded since 2000.
Both sides are able to reach an agreement on the modality for tariff reduction and/or elimination, which is among the key elements that will facilitate the creation of an open market in a region comprising about 1.7 billion people and with a combined gross domestic product of approximately USD 2.3 trillion as of 2007.
The Ministers viewed that the AIFTA could be a major avenue in harnessing the region?s vast economic potentials towards sustained progress and improved welfare not only for ASEAN and India but for the greater East Asian region as well.
The ministers agreed that officials finalise the text of the ASEAN-India Trade in Goods Agreement in time for signing during the ASEAN-India Summit in December 2008, together with the ASEAN-India Agreement on Dispute Settlement Mechanism.
The Ministers agreed to target implementation of tariff reduction commitments starting 1 January 2009.
The Ministers also instructed officials to commence, as soon as possible, negotiations on trade in services and investment as a single undertaking, and to
work towards the conclusion of substantive discussions on these two agreements by 2009 to bring about a complete ASEAN-India Comprehensive Economic Cooperation Agreement.
Lao delegation to the event was led by Minister of Industry and Commerce, Dr Nam Viyaketh.
The ASEAN-India bilateral trade continues to grow at impressive rates despite many challenges in global and regional trade. From 2005-2007, trade in goods between ASEAN and India increased at an average annual rate of 28 percent. ASEAN exports to India during the same period grew at an annual rate of 31 per cent on average, the fastest among ASEAN?s exports to major trading partners.
The share of ASEAN-India trade in relation to total ASEAN trade continued to increase and India remains ASEAN?s seventh largest trading partner. On the investment side, in 2007, India ?s Foreign Direct Investment to ASEAN, valued at USD 641 million, was the highest ever recorded since 2000.
Both sides are able to reach an agreement on the modality for tariff reduction and/or elimination, which is among the key elements that will facilitate the creation of an open market in a region comprising about 1.7 billion people and with a combined gross domestic product of approximately USD 2.3 trillion as of 2007.
The Ministers viewed that the AIFTA could be a major avenue in harnessing the region?s vast economic potentials towards sustained progress and improved welfare not only for ASEAN and India but for the greater East Asian region as well.
The ministers agreed that officials finalise the text of the ASEAN-India Trade in Goods Agreement in time for signing during the ASEAN-India Summit in December 2008, together with the ASEAN-India Agreement on Dispute Settlement Mechanism.
The Ministers agreed to target implementation of tariff reduction commitments starting 1 January 2009.
The Ministers also instructed officials to commence, as soon as possible, negotiations on trade in services and investment as a single undertaking, and to
work towards the conclusion of substantive discussions on these two agreements by 2009 to bring about a complete ASEAN-India Comprehensive Economic Cooperation Agreement.
