India-ASEAN trade to climb to $70-bn in three years

New Delhi: Indian ministry of commerce officials have said they expect India-ASEAN trade to touch $70 billion over the next three years. Trade volume has steadily increased from $41.1 billion in 2009 to $50.1 in 2010.

Speaking about the forthcoming India-ASEAN fair and business conclave to be held between 2-6 March here, Sumanta Chaudhuri, joint secretary,  ministry of commerce and industry said it would be a defining event which would epitomise the post-ASEAN FTA synergy between the two major trading partners.

This first major event after the FTA would be a unique blend of exhibition, meeting of captains of trade and industry and business conclave. This event would showcase India's soft power by involvement of the Indian Council for Cultural Relations (ICCR).

The fair is being coordinated by the Federation of Indian Chambers of Commerce and Industry (FICCI). The event will bring together business leaders and practitioners for knowledge sharing and business development across industry segments from India and ten ASEAN countries.

Trade and industry ministers from the ten ASEAN Countries (Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam) will be participating.

The sectors of business interest during the fair would be banking, tourism, automotive, construction, oil and gas, pharmaceutical, cosmetics, chemicals, light engineering, electrical equipment, aluminium and stainless steel, training, health products, infrastructure, transportation logistic services, shipbuilding and repairs, jewellery, garments and many more.

Chaudhari pointed out that exports had gone up from $17.3 billion in 2009 to $22.3 billion in 2010 imports too had increased from $23.8 billion in 2009 to $27.8 billion in 2010.