India moves toward ASEAN free-trade deal<\/p>\n
Reuters, Singapore<\/p>\n
India will sign a framework agreement with the Association of
\nSouth East Asian Nations (ASEAN) at its summit next week, leading
\nto a full free trading area within a decade, the Financial Times
\nsaid on Thursday.<\/p>\n
The pact was negotiated over the last year and would be signed
\nwith the 10-member group at the annual summit, set for Bali in
\nIndonesia next week, Indian Foreign Minister Yashwant Sinha told
\nthe newspaper.<\/p>\n
\"We are getting much more deeply engaged in southeast Asia,\"
\nhe was quoted as saying in an interview in London. \"This will
\ncertainly boost our trade and economic relationship with the
\nregion.\"<\/p>\n
Progress on negotiating the framework agreement with ASEAN had
\nbeen unusually rapid by Indian standards, signaling the
\nimportance of the deal as India has watched China's trade with
\nASEAN grow dramatically over the last decade, it said.<\/p>\n
ASEAN also wants to counterbalance China's growing economic
\nclout in the region by boosting ties with India. Indian exports
\nto ASEAN were US$4.8 billion last year, just eight percent of
\ntotal exports.<\/p>\n
\"If we have regional trading agreements with ASEAN, they will
\nbecome beneficiaries of lower tariffs with India,\" Sinha said.<\/p>\n
India has been criticized for helping to bring about the
\ncollapse of the trade talks in Cancun last month, and critics say
\nit sets higher tariffs on developing country imports than Western
\nones.<\/p>\n
Asean, which groups Brunei, Laos, Cambodia, Indonesia,
\nMalaysia, Myanmar, the Philippines, Vietnam, Singapore and
\nThailand, will hold its annual summit on Oct. 7 and 8.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/india-moves-toward-asean-free-trade-deal-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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