ASEAN trade likely to touch $80 bn in 2011-12
Kolkata: The trade between India and ASEAN countries is expected to post 30 percent growth during the current fiscal and is likely to touch USD 75-80 billion.
"The trade with ASEAN countries is growing steadily and this year we expect it to be between USD 75-80 billion," Commerce Ministry Joint Secretary Siddharth said today on the sidelines of a trade seminar jointly organised by FICCI, FIEO and the Department of Commerce.
The Association of Southeast Asian Nations (ASEAN) is a geo-political and economic organisation of ten countries located in Southeast Asia.
Siddharth said Indo-ASEAN trade was valued at USD 60 billion in the nine months of April-December 2011. In 2010-11, the trade with ASEAN was USD 57 billion.
Another important aspect of trade with ASEAN countries was that the trade deficit was reducing, he said.
"In 2010-11 the gap reduced to USD 3 billion. Imports were USD 30 billion while export was USD 27 billion," he said.
Siddharth said negotiations on services and investment with ASEAN countries were underway and the Comprehensive Economic Cooperation Agreement (CECA) was signed with important ASEAN countries like Singapore.
"CECA has already been signed with Singapore and Malaysia. With Thailand, it is expected in 2012 calender year. With Indonesia, dialogue is to begin soon," Siddharth said.