India’s trade with ASEAN countries are expected to
hit $100 billion by 2015, said Nirmala Sitharaman, minister of State
(Independent Charge) for Commerce & Industry.
India had signed a Free Trade Agreement (FTA) on
goods with ASEAN in 2009.
Delivering the keynote address at the 2nd India –
CLMV Business Conclave, the Minister said that India-CLMV
(Cambodia, Laos, Myanmar and Vietnam) trade was concentrated in only a few
items and there was tremendous scope to deepen and widen the trade basket.
The Minister mentioned that several sectors hold potential for trade and investment between India and the CLMV countries. These included skill development, agricultural products, manufacturing, project exports and energy among others.
The Minister mentioned that several sectors hold potential for trade and investment between India and the CLMV countries. These included skill development, agricultural products, manufacturing, project exports and energy among others.
She said that now “India’s Look East Policy has
become very sharp focused and it is “Act East” Policy.” She said that there is
a need of “greater and accelerated engagement across the globe with East Asia.”
The Minister stressed that “we are very keen to open up the north-east part of India; open up the economy, improve on its connectivity with the rest of the East and therefore look at India’s North-East as threshold to our Act East Policy.” The Minister said that “Commerce, Culture and Connectivity” are the three pillars of India’s engagement with the CLMV countries.
The Minister stressed that “we are very keen to open up the north-east part of India; open up the economy, improve on its connectivity with the rest of the East and therefore look at India’s North-East as threshold to our Act East Policy.” The Minister said that “Commerce, Culture and Connectivity” are the three pillars of India’s engagement with the CLMV countries.
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