August 13, 2009: India signs free trade pact with ASEAN
India and the 10-nation Association of South East Asian Nations signed on August 13, 2009 a free trade pact that will break duty barriers in the $ 1.7 billion consumer market in the region.This will eliminate duties on 4,000 items by 2016, covering 80 per cent of India's imports from the South-east Asian nations.The first phase of implementation is supposed to be over by January 1, 2010. 489 items have been kept out of the pact, keeping in view the concerns of vulnerable domestic industries and agricultural producers. The main areas of differences revolved around sensitive agricultural Products, mainly in the plantation sector.Bilateral trade between ASEAN and India was of about $40 billion in 2007-08.
Tuesday, September 8, 2009
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