The India-ASEAN free trade agreement is expected to
be finalised mid 2007. This was stated by commerce minister
Kamal Nath on the conclusion of talks with leaders of
the ASEAN at the resort island Cebu in The Philipines.
two sides have agreed to prepare a list of products
that would not be exempt from tariff cuts till 2022.
The traded value of these duty exempt products would
not exceed 5 per cent of the total tradeable goods on
which duties would be eliminated or reduced.
is expected to bring into this list some 490 items that
include rubber and coconut. ASEAN would also have its
own sensitive list.
least cuts in duties would come on four items
crude palm oil, refined palm oil, pepper and tea
which both sides regard as highly sensitive, and the
duties on these will be brought down to 50 per cent
these goods, India says the duty reductions will commence
only after five years, but ASEAN wants an earlier date.
''sensitive'' items list, which comprise another 700 items,
including many engineering and chemical products, the
duties will fall to between zero and 5 per cent by 2018.
all the other goods import duties will be reduced from
the date the agreement is signed. India will bring these
down to zero by 2011 for less developed countries in
the ASEAN and by 2015 for the other countries.
India and ASEAN grappled with the terms of the FTA,
China signed an agreement on trade and services with
ASEAN that will be effective from July, enabling greater
flow of services such as telecom, banking and construction.
countries and China would provide national status to
investors in the region.
says trade agreement with ASEAN will benefit both sides
China says that the signing of the agreement with ASEAN
on trade in services is a major step forward in building
the China-ASEAN free trade area which will benefit both
China-ASEAN FTA could lead to the creation of the world''s
third-largest free trade area.
signing was another major achievement in China-ASEAN
cooperation and trade, the spokesperson said, adding
it has laid the foundation for the completion of the
Govt says cooking gas, kerosene subsidies to stay.