25 May 2017 | 08:17 am GMT +7
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  • Establishing Free Trade Areas

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    • ASEAN-India Free Trade Area

           

      With a population of 1.2 billion and GDP of US$1.8 billion –the 4th largest globally– India is certainly a valuable trade partner of ASEAN. 

      India and ASEAN signed the ASEAN Trade in Goods Agreement (AITIG) in 2009, paving the way for the creation of one of the world’s largest free trade areas, along with the ASEAN-China FTA.  AITIG provides for progressive tariff reduction and/or elimination of originating goods traded for the ASEAN and India. 

       

      ASEAN and India had signed the Agreement on Investment and Trade in Services under the Framework Agreement on Comprehensive Economic Cooperation Between the Association of Southeast Asian Nations and The Republic of India.

      The scanned copy of the Agreement on Investment could be find here and Trade in Services here

       

      Quick Look on AIFTA
      Market and GDP
      AIFTA has a combined market of 1.8 billion people with GDP of approximately US$ 3.84 trillion as of 2011
      Trade Value
      ASEAN-India trade was valued at US$ 68.4 billion in 2011. India is the region’s 6th largest trading partner
      Foreign Direct Investment
      FDI inflows from India to ASEAN totaled to US$ 2.1 billion from 2009-2011 

       

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  • Establishing Free Trade Areas

    ASEAN continues to reach out beyond its borders as it aims to gain from the strengths of the economies surrounding it. Through ASEAN’s individual free trade agreements (FTAs) with China, Korea, Japan, Australia and New Zealand, and India, investors are provided opportunities to access, linked with, and do business with some of the world’s most high-potential markets.

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