India expects its annual trade with member countries of the Association of Southeast Asian Nations (Asean) to cross the $70-billion mark in the next three years.
India-Asean trade stood at $50.1 billion in 2010 against $41.1 billion during 2009, recording a growth of $10 billion or nearly 25 per cent year-on-year, Sumanta Choudhuri, joint secretary in the ministry of commerce and industry said.
He was speaking at a curtain raiser press conference on India-Asean Business Fair and Business Conclave, which is to be held in New Delhi during 2-6 March 2011.
Choudhuri said India's exports to the region stood at $22.3 billion in 2010 against $17.3 billion in 2009, a growth of 28.9 per cent.
India's imports from Asean, on the other hand, grew 16.8 per cent to $27.8 billion in 2010 from $23.8 billion in 2009, he said.
He said the event would epitomise the post-Asean FTA synergy between the two major trading partners. The first major event after the FTA will be a unique blend of exhibition, meeting of captains of trade and industry and business conclave.