Saturday, January 4, 2014

Cabinet approved Free Trade Agreement with ASEAN

Asean

The Cabinet approved free trade agreement between India and the Association of South East Asian Nations (ASEAN) on 19 December 2013.
The Agreement of Trade in Services and Agreement was signed under the Comprehensive Economic Cooperation (CECA) between and the ASEAN. The CECA between India and ASEAN was signed in 2003. The Cabinet approved the Agreement on Trade Goods under the CECA with the ASEAN in 2009.
The agreement will help to boost the movement of Indian professionals in the ASEAN region and also facilitate more investments in the services sector.
In 2011, the implementation of the free trade pact in goods, made both sides engaged in widening the base of the pact by including services and investment sectors. Trade between India and ASEAN countries was of about 76 billion dollar in 2012-13. Both the sides aim to increase it to 100 billion by 2015.
About ASEAN
• The Association of South East Asian (ASEAN) was established in 1967 in Bangkok, Thailand.
• The member of ASEAN countries are Brunei Darussalam, Burma, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand and Vietnam.

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