India may sign Free Trade Agreement with ASEAN during Feb 2009
19 Jan 2009, KUALA LUMPUR, Economic Times
During 14th summit of the bloc slated for February 2009 in Thailand, Indian government is likely to sign a free trade agreement (FTA) with the Association of Southeast Asian Nations (ASEAN).
This is a great boost to Unitedworld’s initiative to start India’s first ‘Open economy focused’ B-School at three state capitals. Unitedworld has become first B-School in South East Asia to offer business management programs equipped with open economic business strategies.
Under the FTA, ASEAN and India will be committed to liberalizing trade in goods. Taxes on about 75 per cent of trade in agricultural and industrial products will be gradually phased out by 2012, while tariffs for another 10 per cent will be eliminated in 2015. The other 15 per cent consist of sensitive items that must be renegotiated.
With lower tariff barriers, trade between India and ASEAN is expected to increase significantly from the present $28 billion annually.
FTA will be really a boon for India and the ASEAN countries. It will also accelerate the economy to come out of the slag. Lets hope for the best. Lets be a United World
FTA will really be a boon for India and the ASEAN countries. It will also accelerate the economy to come out of the slag. Lets hope for the best. Lets be a United World