FTA between India, Asean to be inked in Aug

FTA between India, Asean to be inked in Aug
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First Published: Thu, Jun 04 2009. 11 00 PM IST
Updated: Thu, Jun 04 2009. 11 00 PM IST
New Delhi: The long pending free trade agreement between India and the Association of Southeast Asian Nations (Asean) will be signed during the Asean Economic Ministers Meeting scheduled to be held in Bangkok in August 2009, Chanchai Chairungruang, Minister of Industry of Thailand said on Thursday.
Chairungruang is currently visiting India to promote bilateral trade and investment between the two countries.
The trade agreement will come into effect from 1 January 2010 when India will start reducing tariff on 80% of the traded goods.
An Indian Commerce and Industry Ministry official speaking under condition of anonymity said the proposal will be put before the Cabinet in the current month. If the Parliament of 11 members of the Asean region endorse the treaty, then it could be signed in August, he added.
The agreement was scheduled to be inked in December last year, but was put off following political instability in Thailand.
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First Published: Thu, Jun 04 2009. 11 00 PM IST