The India-Asean free trade agreement (FTA) — which would result in duty-free trade with Asean countries such as Malaysia and Singapore in most agriculture and industrial products over the next 10 years — is finally ready for take-off.
BANGKOK, Aug 7 (Bernama) — After three years of negotiations for the free trade agreement (FTA) between Association of South-East Asian Nations (Asean) and India were finally concluded Thursday (07 th August 2008)
Tricky issues including demands for lower duties on palm oil by Indonesia, which have not yet been fully sorted out, are expected to be dealt with at the meeting following which the agreement will be finalised, government sources said.
The FTA will be implemented from either January 1, 2009, or June 1, 2009, depending on how soon individual Asean members are able to ratify it, government sources said. The agreement is expected to give a big boost to bilateral trade, currently ruling at $30 billion per annum.
Expectation of trade with india( Currently Amounted to $28.7 billion in 2006)
Removed Obstacle for oil trade- Offer by India-- oil duties crude palm oil (CPO) to 37.5% and refined palm oil (RPO) to 45% over its offer of 43% and 51%, respectively, made in January this year, Most Importantly agreed by Indonesia. Offer by india-- I
Import duties on tea and coffee to 45% (from the existing bound rate of 100%) and rubber to 50% (from the existing bound rate of 70%) by 2018