New Delhi: India and the 10-nation ASEAN
bloc will ink a pact to liberalise trade in services and
investments in August, Lao Minister of Industry and Commerce
Nam Viyaketh said here today.
"The negotiations on the liberalisation of trade in
services and investment are still going on, which will be
ready for signing in August 2010," Viyaketh said at a FICCI
function. Lao is a member nation of ASEAN.
India and the Association of Southeast Asian Nations
(ASEAN) signed a free trade agreement on merchandise in August
last year.
Singapore, Malaysia and Thailand operationalised the
pact with India on January 1, while the other seven nations
are expected to follow in the coming months.
Viyaketh said the FTA in goods will also help Laos to
increase its meager USD 3.2 million (in 2008) trade with
India.
He invited Indian corporates to invest in Laos, which has
abundant resources in mining and hydropower but is short of
capital.
"...Laos possesses limited resources such as capital,
technology and management, investment in the forms of wholly
foreign-owned or joint ventures are encouraged and promoted,"
he said.
PTI
First Published: Thursday, January 21, 2010, 19:05