(a) whether the Government proposes to forge deeper economic ties in various sectors
with Association of South East Asian Nations (ASEAN) countries;
(b) if so, the details thereof, sector-wise, along with the steps taken/proposed to
be taken by the Government in this regard; and
(c) the likely benefits of such ties/relationship to the country?
MINISTER OF STATE IN MINISTRY OF FINANCE (SHRI NAMO NARAIN MEENA)
(a) Yes Madam. India and the Association of South East Asian Nations (ASEAN) countries
are forging deeper economic relations across multiple sectors covering trade, investment
and services.
(b) With a view to forging deeper economic ties with the ASEAN, India has signed the
Agreement on Trade in Goods under the broader framework of Comprehensive Economic Cooperation
Agreement (CECA) between India and the ASEAN on 13.08.2009. India and the ASEAN have also
concluded negotiations on Agreement on Trade in Services and Agreement on Investment in
December, 2012. India has also entered into Comprehensive Economic Cooperation Agreements
with Singapore and Malaysia which came into effect on 01.08.2005 and 01.07.2011 respectively.
India and Thailand have signed a Framework Agreement which covers certain items for
concessional trade. India and Thailand are presently negotiating a Comprehensive India-
Thailand Free Trade Agreement. India and Indonesia have also agreed for negotiating a CECA.
(c) The bilateral trade Agreements would lead to growth in bilateral trade. Indian
exporters would gain additional market access in these countries and Indian manufacturers
would be able to source products at competitive prices from these markets. Investment would
increase and Indian Professionals would gain access in the Services Sectors. This will result
in increased business opportunities and closer economic co-operation with these countries.