Prime Minister Manmohan Singh on Sunday expressed confidence that India and ASEAN would surpass $30 billion trade target set for 2007, saying a free trade agreement (FTA) would impart 'further momentum'.
CEBU (Philippines): Prime Minister Manmohan Singh on Sunday expressed confidence that India and ASEAN would surpass their $30 billion trade target set for 2007, saying a free trade agreement (FTA) would impart 'further momentum' to this.
"India-ASEAN trade recorded an impressive growth of 30% last year. This leaves us in little doubt about our ability to achieve, and even surpass, the target of $30 billion by 2007," he said while addressing the fifth India-ASEAN summit.
Noting that the India-ASEAN FTA 'will impart even further momentum to this growth in trade,' the prime minister added: "We are strongly committed to its early conclusion and implementation."
If trade with the countries of the East Asia Summit was also included, the two groupings account for nearly 30 percent of India's external trade, Manmohan Singh pointed out.
In this context, he noted that India's peak customs duty at about 12.5 percent was "quite close" to ASEAN levels and added: "We have a policy objective of aligning our duty rates with ASEAN levels."
The Prime Minister also announced India's willingness to engage ASEAN in a discussion on an open skies policy that was suggested by Singapore at the last summit.
With 2007 marking the 40th anniversary of ASEAN's founding and the 60th anniversary of India's independence, Manmohan Singh invited 'our young friends' from ASEAN countries to visit India.
"We will host 10 students from each of the 10 member countries of ASEAN on a trip of the sights and sounds of modern and ancient India. Centres of IT excellence in India will figure prominently in the itinerary," he stated.
"The age-old India-ASEAN linkages have been about our peoples mingling and interacting with each other. This dimension has been given a renewed thrust with the impressive growth of connectivity and the ever-increasing flows of tourism between India and ASEAN.
"This should, I believe, remain a priority area of cooperation and, in fact, be given even further impetus," the prime minister said.
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