Asean-India Free Trade Agreement (Asean-India Fta)

Asean-India Free Trade Agreement (Asean-India Fta)

India-Cambodia relations were further strengthened in 2011, when they held the first round of Foreign Ministry of Affairs (FOC) consultations. These consultations focused on trade and bilateral cooperation, focusing on politics, economy, security, education and training, culture, information technology and agriculture. `FOB` means the value of free boarding determined in the manner defined in paragraph 1 of Annex I; 5.DESCRIPTION OF GOODS: the description must be sufficiently detailed so that the goods can be identified by the customs officers examining them. Name of the manufacturer, each brand must also be indicated. New Delhi: India`s insistence on revising its free trade agreement (FTA) for goods with the ASEAN region may not happen as quickly as it hopes, with most Southeast Asian nations reluctant to start negotiations immediately. Due to many common views on important international issues, a mutually beneficial bilateral trade relationship has developed between India and the Lao People`s Democratic Republic. Over the years, C.A.C.A. discussions have progressed with discussions on reducing tariffs and removing non-trade barriers for various products, including palm oil products from Indonesia, pharmaceuticals and buffalo meat from India. However, the C.A.C.A.

has yet to be executed. The signing of the ASEAN-India Merchandise Trade Agreement paves the way for the creation of one of the world`s largest free trade agreements – a market of nearly 1.8 billion people and a combined GDP of $2.8 trillion. The ASEAN-India FREE TRADE AGREEMENT provides for tariff liberalization of more than 90% of products traded between the two dynamic regions, including so-called «special» products such as palm oil (raw and refined), coffee, black tea and pepper. Tariffs on more than 4,000 product lines will be eliminated at the earliest in 2016. Following the recent ASEAN-India Commemorative Summit held in New Delhi on 20-21 December 2012 and the adoption of the Free Trade Agreement (FTA) on Services and Investment, economic relations and prosperity between the two regions will flourish. For a more detailed presentation of trade flows between India and ASEAN, see the following table: (a) in accordance with the exporting Party`s usual domestic trade practices; India and the Philippines are also in talks on revising and clarifying certain aspects of their double taxation treaty (DBAA) with respect to the taxation of professional services income. The new DBAA is expected to be signed before the end of the year. Trade relations between India and the Philippines began to flourish when a trade agreement was signed on May 29, 1979. In addition, in 1995, following the Philippines` first trade mission to India, a joint working group and a Joint Business Council were established to assess and identify potential trade routes and identify new areas of cooperation. In 2008, the total volume of ASEAN-India trade amounted to $47.5 billion.

ASEAN exports to India amounted to $30.1 billion, an increase of 21.1% over 2007. India`s imports from ASEAN amounted to $17.4 billion, an increase of 40.2% over 2006. With regard to foreign direct investment (FDI), India`s inflow to ASEAN member countries amounted to $476.8 million in 2008, or 0.8 per cent of total foreign direct investment in the region. From 2000 to 2008, total Indian direct investment in ASEAN amounted to $1.3 billion. Trade and investment statistics from ASEAN dialogue partners can be accessed through www.asean.org/22122.htm. The agreement establishing a Joint Bilateral Cooperation Commission was signed during President Gloria Macapagal Arroyo`s state visit to India on 5 October 2007 to further strengthen and strengthen cooperation in the fields of trade, economy, science and technology. . . .

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