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PM moots Pan Asian free trade area

Prime Minister Manmohan Singh on Friday mooted the idea of a Pan Asian free trade area (FTA) and suggested that the Asian Development Bank study the benefits of such an economic agglomeration in Asia.

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HYDERABAD: Prime Minister Manmohan Singh on Friday mooted the idea of a Pan Asian free trade area (FTA) and suggested that the Asian Development Bank study the benefits of such an economic agglomeration in Asia.

"This Pan Asian FTA could be the future of Asia and will, I am certain, open up new growth avenues for our economy," he told the 39th annual meeting of the board of governors of the Asian Development Bank (ADB).

He said India was working on free trade agreements with ASEAN, Japan, China and South Korea and was determined to carry forward the India-ASEAN partnership to an enlarged domain for making the 21st century a truly Asian century.

"With this idea in mind, we have actively pursued external liberalisation by cutting down customs duty rates. The current peak rate, at around 12.5 percent, is quite close to ASEAN levels," he said.

He said his government was linking India into a web of partnerships with countries of the Asian region through free trade and comprehensive economic cooperation agreements.

Singh pointed out that India had already concluded free trade agreements with SAARC, Singapore and Thailand.

"This web of engagements may herald an eventual free trade area in Asia covering all major Asian economies and possibly extending to Australia and New Zealand," he said.

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