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INDIA-ASEAN TIES SET TO STRENGTHEN ANAND SHARMA LEADS DELEGATION TO VIETNAM

Date : 25 Aug 2010
Location : New Delhi
 

Shri Anand Sharma, Minister of Commerce and Industry is leading an Official Delegation to Vietnam to review the India-ASEAN Services & Investment negotiations along with his ASEAN (Association of South East Asian Nations) countries’ counterparts during 26-27 August 2010. Shri Sharma is scheduled to hold discussions with the Trade and Commerce Ministers of ASEAN comprising Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam in the ASEAN Economic Ministers’ – India Consultations scheduled for 27th August 2010 at Danang in Vietnam. These Consultations are also Ministerial-level preparations for the ensuing ASEAN-India Summit at Hanoi in October 2010.

India has already signed the India-ASEAN Trade in Goods Agreement that covers tariff liberalisation between the parties which has come into force from 1st January 2010. India – ASEAN trade stood at US$ 43.5 billion in 2009-10 and is targeted to reach US$ 70 billion by 2012.

India and ASEAN are currently negotiating a Services & Investment Agreement. India is keen to conclude a liberal agreement that would have substantial sectoral coverage and would provide commercially meaning market access. The current meeting is part of the negotiation process. The Commerce & Industry Minister is also slated to meet Trade/Commerce Ministers of the countries representing the East Asia Summit (EAS) during this visit. EAS is a formation of ten ASEAN countries and Australia, China, India, Japan, New Zealand and Republic of Korea.

Shri Sharma would take this opportunity to hold bilateral meetings on the sidelines of the AEM Meeting with Japanese Minister of Economy & Trade and Industry, Mr. Masayuki Naoshima, EU Trade Commissioner, Mr. Karel De Gutch and Malaysian Minister for International Trade & Investment, Mr Mustapa Mohamed to review and discuss the progress made towards the India-Japan Comprehensive Economic Partnership Agreement (CEPA), India-EU Trade and Investment Agreement and India-Malaysia Comprehensive Economic Cooperation Agreement (CECA) negotiations respectively. Commerce & Industry Minister will look forward to reiterating high commitment of India for an early and balanced outcome of these FTA negotiations.

RJ