The Trade in Goods Agreement between India and the 10-member Association of South East Asian Nations (ASEAN) signed on 13 August 2009, will come into force with effect from 1st January, 2010.
Minister of state for commerce and industry Jyotiraditya M Scindia, gave the information to the Lok Sabha in a written reply to questions by senior members of parliament.
Under the agreement, India and ASEAN member countries have offered to eliminate tariff on specified tariff lines listed in the schedules of the Trade and Goods Agreement which are available at http://commerce.gov.in/trade/international_ta_indiaasean.
He said the India-ASEAN Free Trade Agreement (FTA) has been finalised after detailed negotiations and domestic consultations through various rounds of inter-ministerial meetings and stakeholder dialogues.
He said the FTA will lead to growth in bilateral trade and investment resulting in economic welfare gains to India.
Indian exporters of machinery and machine parts, steel and steel products, oilcake, wheat, buffalo meat, automobiles and auto components, chemicals, synthetic textiles etc. would gain additional market access into the ASEAN countries. Indian manufacturers would be able to source intermediate products at competitive prices from the ASEAN markets for further reprocessing and export, he added.