ASEAN–India Free Trade Area
Wikipedia on Answers.com:
Top
ASEAN–India Free Trade Area
The ASEAN–India Free Trade Area (AIFTA) is a free trade area among the ten member states of the Association of Southeast Asian Nations (ASEAN) and India. The initial framework agreement was signed on 8 October 2003 in Bali, Indonesia.[1] and the final agreement was on 13 August 2009.[2] The free trade area came into effect on 1 January 2010.[3][4]
|
Contents
|
Background
Between 1993 and 2003, ASEAN-India bilateral trade grew at an annual rate of 11.2%, from US$ 2.9 billion in 1993 to US$ 12.1 billion in 2003.
In 2008, the total volume of ASEAN-India trade was US$ 47.5 billion. ASEAN’s export to India was US$ 30.1 billion – a growth of 21.1 per cent in comparison with that of 2007. ASEAN’s imports from India were US$ 17.4 billion – a growth of 40.2 per cent in comparison to that of 2006. As for foreign direct investment (FDI), the inflow from India to ASEAN Member States was US$ 476.8 million in 2008, accounting for 0.8 per cent of total FDI in the region. Total Indian FDI into ASEAN from 2000 to 2008 was US$ 1.3 billion. The ASEAN-Dialogue Partners trade and investment statistic data can be accessed through http://www.asean.org/22122.htm.
Acknowledging this trend and recognising the economic potential of closer linkages, both sides recognised the opportunities for deepening trade and investment ties, and agreed to negotiate a framework agreement to pave the way for the establishment of an ASEAN-India Free Trade Area (FTA).
History
At the Second ASEAN-India Summit in 2003, the ASEAN-India Framework Agreement on Comprehensive Economic Cooperation was signed by the Leaders of ASEAN and India. The Framework Agreement laid a sound basis for the eventual establishment of an ASEAN-India Regional Trade and Investment Area (RTIA), which includes FTA in goods, services, and investment.
ASEAN and India signed the ASEAN-India Trade in Goods (TIG) Agreement in Bangkok on 13 August 2009, after six years of negotiations. The ASEAN-India TIG Agreement entered into force on 1 January 2010. The 7th ASEAN-India Summit in Cha-am Hua Hin, Thailand on 24 October 2009 agreed to revise the bilateral trade target to 70 billion USD to be achieved in the next two years, noting that the initial target of USD 50 billion set in 2007 may soon be surpassed.
ASEAN and India are currently working towards the early conclusion of the ASEAN-India Trade in Services and Investment Agreements.
ASEAN and India are also working on enhancing private sector engagement. Details on the re-activation of the ASEAN-India Business Council (AIBC), the holding of the ASEAN-India Business Summit (AIBS) and an ASEAN-India Business Fair (AIBF), are being worked out by officials. On 27 April 2010, India informed the ASEAN Secretariat that the Federation of Indian Chambers of Commerce and Industry (FICCI) would be organising the ASEAN Trade and Industrial Exhibition at the Pragati Maidan in New Delhi on 8-11 January 2011, at the sidelines of the AIBF.
The Fourteenth ASEAN Transport Ministers (ATM) Meeting on 6 November 2008 in Makati, Metro Manila, Philippines adopted the ASEAN-India Aviation Cooperation Framework, which will lay the foundation for closer aviation cooperation between ASEAN and India. The ASEAN-India Air Transport Agreement (AI-ATA) is being negotiated with the implementation timeline of 2011.
In tourism, the number of visitor arrivals from ASEAN to India in 2006 was 277,000, while the number of visitor arrivals from India to ASEAN in 2008 was 1.985 million. At the Sixth ASEAN-India Summit held on 21 November 2007 in Singapore, India proposed to set a target of 1 million tourist arrivals from ASEAN to India by 2010. The 2nd Meeting of ASEAN and India Tourism Ministers (ATM +India) held on 25 January 2010 in Bandar Seri Begawan positively responded to India’s proposal to develop an ASEAN-India Tourism Cooperation Agreement and requested the ASEAN-India Tourism Working Group to further discuss and prepare the draft agreement. The Ministers also supported the establishment of the ASEAN Promotional Chapter for Tourism in Mumbai as an important collaborative platform for ASEAN National Tourism Organisations (NTOs) to market Southeast Asia to the Indian consumers and, at the same time, create mutual awareness between ASEAN Member States and India
Signatories
| Flag | Country | Capital | Area (km2) | Population (2008 unless noted) |
GDP (nominal) (bln USD, 2008, IMF) |
Currency | Official languages |
|---|---|---|---|---|---|---|---|
 |
Brunei Darussalam | Bandar Seri Begawan | 5,765 | 490,000 |
19.7 | dollar | Malay |
 |
Burma (Myanmar) | Naypyidaw | 676,578 | 50,020,000 | 26.2 | kyat | Burmese |
 |
Cambodia | Phnom Penh | 181,035 | 13,388,910 | 11.3 | riel | Khmer |
 |
Indonesia | Jakarta | 1,904,569 | 230,130,000 | 511.8 | rupiah | Indonesian |
 |
Laos | Vientiane | 236,800 | 6,320,000 | 5.4 | kip | Lao |
 |
Malaysia | Kuala Lumpur | 329,847 | 28,200,000 | 221.6 | ringgit | Malay |
 |
Philippines | Manila | 300,000 | 92,226,600 (2007) |
166.9 | peso | Filipino, English |
 |
Singapore | Singapore | 707.1 | 4,839,400 (2007) |
181.9 | dollar | Malay, Mandarin (Huayu), English, Tamil |
 |
Thailand | Bangkok | 513,115 | 63,389,730 (2003) |
273.3 | baht | Thai |
 |
Vietnam | Hanoi | 331,690 | 88,069,000 | 89.8 | đồng | Vietnamese |
 |
India | New Delhi | 3,287,263 | 1,210,193,422 (2011) |
1,469 | rupee | Hindi, English |
Tariffs
The signing of the ASEAN-India Trade in Goods Agreement paves the way for the creation of one of the world’s largest FTAs – a market of almost 1.8 billion people with a combined GDP of US$ 2.8 trillion. The ASEAN-India FTA will see tariff liberalisation of over 90 percent of products traded between the two dynamic regions, including the so-called “special products,” such as palm oil (crude and refined), coffee, black tea and pepper. Tariffs on over 4,000 product lines will be eliminated by 2016, at the earliest.
See also
- ASEAN Free Trade Area
- ASEAN – Australia – New Zealand Free Trade Area (AANZFTA)
- ASEAN–China Free Trade Area (ACFTA)
- ASEAN–Japan Comprehensive Economic Partnership (AJCEP)
- ASEAN–Korea Free Trade Area (AKFTA)
- Comprehensive Economic Partnership for East Asia
- List of free trade agreements
References
- ^ "Framework Agreement on Comprehensive Economic Cooperation Between the Republic of India and the Association of Southeast Asian Nations". ASEAN. 8 October 2003. http://www.aseansec.org/15278.htm. Retrieved 4 January 2010.
- ^ "India, ASEAN Sign Free Trade Agreement". 2009-08-14. Archived from the original on 27 September 2010. http://www.2point6billion.com/news/2009/08/14/india-asean-sign-free-trade-agreement-1795.html. Retrieved 2010-08-13.
- ^ Vijian, P. (2 January 2010). "Not All Easy As India-Asean FTA Comes Into Effect On Jan 1". Bernama. http://www.bernama.com.my/bernama/v5/news_lite.php?id=465700. Retrieved 4 January 2010.
- ^ Limsamarnphun, Nophakhun. "World's largest trading zone creates a new era for industries, consumers". The Nation. Archived from the original on 10 January 2010. http://www.nationmultimedia.com/2010/01/05/business/business_30119699.php. Retrieved 4 January 2010.
External links
 |
This international trade related article is a stub. You can help Wikipedia by expanding it. |
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
Post a question - any question - to the WikiAnswers community:
Copyrights:
Wikipedia on Answers.com
This article is licensed under the Creative Commons Attribution/Share-Alike License. It uses material from the Wikipedia article ASEAN–India Free Trade Area.
Read more