Kolkata: The India-ASEAN Free Trade Agreement (FTA) will help increase goods trade between India and ASEAN countries to USD 70 billion by 2012, officials said Friday.
"In 2011, the trade was USD 58 billion and by 2012, the trade was expected at USD 70 billion," Ministry of External Affairs Secretary (East) Sanjay Singh said here today at an Indian Chamber of Commerce-organised programme.
If the projections for 2012 are met, this would translate into a growth of 20 per cent in trade between India and ASEAN nations.
The Indo-ASEAN agreement will lead to growth in bilateral trade and investment, resulting in economic welfare gains for India.
Indian exporters of machinery and machine parts, steel and steel products, oilcake, wheat, buffalo meat, automobiles and auto components, chemicals, synthetic textiles, etc, gain additional market access in ASEAN countries under the pact, he said.
India has a Comprehensive Economic Cooperation Agreement (CECA) signed with Singapore and is looking forward to FTAs with Malaysia, Indonesia and Thailand.
Singh said an ASEAN-India car rally that kicks off in November in Indonesia will come to India during the special ASEAN-India Commemorative Summit scheduled in New Delhi in the third week of December.
First Published: Friday, January 20, 2012, 19:50