RTTNews - India and the Association of Southeast Asian Nations (ASEAN) have finalized the Free Trade Agreement (FTA), reported the Economic Times. Citing sources, ET said only the signing of the agreement is pending and the treaty is to implemented from January 1, 2010.
Negotiations on the agreement were stalled earlier due to objections raised by countries like Indonesia, which had clamored for a reduction in tariffs on items like crude palm oil, pepper, refined palm oil, tea and coffee. All issues have now been apparently sorted out.
As per the agreement, duties on the 4,000 items will be brought down over a period of six years. The FTA has to be approved by all governments of the member countries at their levels. Brunei, Singapore, Cambodia, Indonesia, Malaysia, Laos, Myanmar, the Philippines, Vietnam and Thailand comprise the ASEAN conclave.
The text of the trade-in-goods agreement has already been finalized and the discussions on agreements in investment and services will begin shortly.
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