India, ASEAN conclude pact on FTA on investments and services

Addressing the plenary of the Commemorative Summit here, the prime minister said: "It gives me great pleasure, therefore, to see that our Commemorative Summit today coincides with the conclusion of negotiations for the FTA in Services and Investments."

The prime minister said the FTA "represents a valuable milestone in our relationship. I am confident it will boost our economic ties in much the same way the FTA in Goods has done".

India and ASEAN, which already have an FTA in goods in place, have also targeted a two-way trade of $100 billion by 2015. Currently, trade between India and ASEAN is at $80 billion.

 

India became a sectoral dialogue partner of the grouping in 1992 and was elevated to full dialogue partner in 1995 in recognition of the country's rising stature and economic potential. Since 2002, the two sides have been holding annual summits.