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| India-Asean services pact may be inked in October |
| Press Trust of India / New Delhi Feb 16, 2010, 15:29 IST |
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India and the 10-nation south east Asian trading bloc Asean are expected to widen their trade engagement by signing in October, a Free Trade Agreement (FTA) that will cover services and investment.
India and the Association of Southeast Asian Nations (ASEAN) signed an FTA in goods in August last year and are engaged in intense negotiations to expand this pact to include services and investments.
"We hope to conclude the negotiations on services and investment in the next 3-4 months and if we are able to conclude it by August, we might be able to sign the agreement in October," Joint Secretary in the Commerce Ministry P K Dash said here at FICCI function.
The services sector is of key interest to India as it contributes over 55 per cent to it's GDP. The services sector has also emerged as an important area for export earnings.
"We are looking at market access into their (Asean) service area...We are talking for a whole range of services including banking, insurance, health, accountancy, architects and engineers," Dash said.
On the entry barriers like visa for Indian professionals in the Asean market, Dash said it was being discussed.
He also said that the trading bloc does not recongnise Indian education degrees. To open trade in services, the Asean has to recognise Indian degrees, he added.
Officials from India and Asean will begin meetings from next month on widening the base of the FTA in goods.
The two sides aim to increase their $44-billion trade to $50 billion by the end of 2010.
Commenting on the concerns of the domestic industry on dumping of Chinese goods through Asean countries (Asean and China also have an FTA), Dash said that enough safeguards are available in the trade pact with the southeast Asian nations.
When asked about the rest of the seven members who have not notified the FTA, he said that by June end the remaining members will implement the pact.
Due to their long internal approval procedures, they were not able to implement the pact from January 1, he added.
Currently, only three members - Malaysia, Thailand and Singapore - have notified the pact. The seven other members are - Indonesia, Brunei, Lao, Cambodia, Vietnam, Myanmar and Philippines.
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