India Asean committed to achieving a trade target of $70 billion by 2012

India Asean committed to achieving a trade target of $70 billion by 2012 : India and Asean bloc have decided to increase trade between them to 40 percent by 2012. A communique issued here after the first India-Asean business fair said India and the Association of Southeast Asian Nations (Asean) are committed to achieving a trade target of $70 billion by 2012,up 40 per cent from $50 billion in 2010.

Asia's third-largest economy has long courted its eastern neighbours under its "Look East" policy, hoping for increased commerce and investment with the ASEAN zone of nearly 600 million people.

India’s trade minister Anand Sharma said India and Asean were working to move beyond the free trade in goods and reach similar pacts soon on free flow of investment and services.

"This will mean a comprehensive economic partnership between India and Asean," he told trade ministers from Asean nations who attended the opening of the fair which runs to March 6.

Malaysia Trade Minister Mustapa Mohamed said talks on reaching a services pact could be wrapped up by December.

Sharma said India offered huge opportunity for investment, citing its projected need for US$1 trillion over the next five years to upgrade its dilapidated ports, roads and other infrastructure.

Malaysia's trade minister, speaking on behalf of Asean, said the free trade pact had "been integrated smoothly and I have every confidence the $70 billion (trade) target can be realised." For the latest updates PRESS CTR + D or visit Stock Market news Today

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