After signing a Free Trade Agreement that will eventually lead to duty-free commerce for bulk of the trade, India and the 10-nation ASEAN bloc are set to start talks for opening the crucial services sector. Ambassador of Thailand Krit Kraichitti told PTI that negotiations for the free trade pact between India and ASEAN on services sector will begin soon. He, however, said given the complex nature of issues involved among India and 10 countries of Southeast Asia, it would take about two years for the negotiations to conclude.Services sector is of key interest to Indian economy as it contributes over 55 per cent to the GDP. Noting that the services sector is very important to multiply trade and investment between ASEAN countries and India, the Thai ambassador said safeguard measures will have to be incorporated before finalizing the pact. India last month signed an agreement with the Association of Southeast Asian Nations for duty-free import and export of 4,000 products, ranging from steel to apparel to sugar and tobacco, over a period of eight years.
News On AIR | September 20, 2009 5:10 PM
India, ASEAN to start talks on opening services trade soon