Asean India Fta Agreement

The Indian government continued its efforts to develop air, land and sea routes to strengthen trade relations with Myanmar, as well as to build a pipeline. Countries also signed a bilateral border agreement on border trade in 1994, which will be implemented from designated points in Manipur, Mizoram and Nagaland. The two countries have mainly cooperated in agriculture, health, education, pharmacy, telecommunications, information technology, steel, oil, natural gas, hydrocarbons and food processing. Combined with the continued development of ASEAN as a regional economic power, these figures, while still somewhat small, are on the rise thanks to the free trade agreements between India and ASEAN. In 2010, India concluded a free trade agreement with Indonesia, which reduced tariffs on imports of products such as seafood, chemicals and clothing. In return, Indonesia reduced tariffs on imports of Indian products. In 2011, India and Indonesia signed a total of 18 agreements in the mining, infrastructure and manufacturing sectors, totalling $15.1 billion, in addition to a free trade agreement on goods. February 7: The ASEAN-India Free Trade Area (AIFTA) is a free trade area made up of ten member states of the Association of South Asian Nations (ASEAN) and India. The initial framework agreement was signed on 8 October 2003 in Bali, Indonesia, and the final agreement was signed on 13 August 2009. The Free Trade Area came into force on January 1, 2010. In 2008, the total volume of ASEAN-India trade was $47.5 billion.

ASEAN`s exports to India amounted to $30.1 billion , a 21.1% increase over 2007. ASEAN imports from India amounted to $17.4 billion , a 40.2 per cent increase over 2006. With regard to foreign direct investment (FDI), India`s inflow to ASEAN Member States amounted to USD 476.8 million in 2008, or 0.8% of the region`s total. India`s total direct investment in ASEAN amounted to $1.3 billion between 2000 and 2008. The trade and investment statistics of ASEAN`s dialogue partners can be accessed by Recognizing this development and recognizing the economic potential for closer ties, both sides recognized opportunities to deepen trade and investment relations and agreed to negotiate a framework agreement to pave the way for the creation of an ASEAN-India Free Trade Area (FTA). [7] New Delhi: India persists in reviewing its free trade agreement (FTA) for goods with ASEAN may not happen as quickly as it had hoped, as most Southeast Asian nations are reluctant to immediately begin sober negotiations. In tourism, the number of visitors from ASEAN to India rose to 277,000 in 2006, while the number of visitors arriving from India to ASEAN in 2008 was 1.985 million. At the sixth ASEAN-India Summit in Singapore on 21 November 2007, India proposed to fly one million tourists from ASEAN to India by 2010.

At the second meeting of the ASEAN and India Tourism Ministers (ATM-India), held in Bandar Seri Begawan on 25 January 2010 India`s proposal to develop a cooperation agreement between ASEAN and India for tourism was welcomed and the ASEAN and India WORKING Group was invited to continue the study and preparation of the draft agreement. Ministers also supported the creation of the ASEAN Tourism Chapter in Mumbai as an important common platform for ASEAN national tourism organizations (NGOs) to market Southeast Asia to Indian consumers, while fostering mutual awareness between ASEAN member states and India. The ASEAN-India Agreement on Trade in Goods (TIG) was signed on 13 August 2009 at the 7th ASEAN Economic Ministers` Conference (EMA) – India in Bang