India, ASEAN target $100 bn bilateral trade by 2015

  • India and ASEAN on Wednesday decided to set a target of $100 billion turnover for the bilateral trade by 2015 between the two entities and reviewed the completion of legal scrubbing of India-ASEAN agreements on Trade in Services and Investment.
  • During the meeting with the ASEAN countries Ministers at Brunei, Commerce and Industry Minister Anand Sharma informed the Ministers about the steps taken by India for elevating its relationship ASEAN to a strategic partnership. 
  • Both sides also endorsed the texts of the Trade and Services and Investment agreements for the required steps to be taken by the participating countries for implementing the Agreements. This step marks the completion of the Comprehensive Economic Partnership Agreement process between India and ASEAN.
  • India had launched the ASEAN-India Centre in New Delhi and the proposed ASEAN-India Trade and Investment Centre. A concept note prepared by India on the ASEAN-India Trade and Investment Centre was also circulated seeking comments of the ASEAN side.
  • The meeting ended with the two sides reaffirming their commitment towards achieving the target of $100 billion bilateral trade by the year 2015.
  • Both sides discussed the future roadmap for the Doha Development Agreement negotiations for successful conclusion.
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