Indonesia Signs Up to Indo-ASEAN Trade Agreement

By admin • October 5th, 2010

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The Indo-ASEAN (Association of South-East Asian Nations) free trade agreement is now operational with 6 countries after Indonesia became the latest country member to sign up to the free trade agreement. The agreement with Indonesia became officially operation in October 2010.

As it stands 6 out of the 10 ASEAN member countries have signed up to the agreement which currently includes Indonesia, Vietnam, Malaysia, Myanmar, Singapore and Thailand. Even though the agreement was formally signed in August 2009, many of the countries had to finalise internal procedures before the agreement could be completed.

Currently Bilateral trade between India and Indonesia is estimated at about $12 billion for the period 2009-10. Trade as a result of the India-ASEAN bilateral trade agreement reached a high at about $45 billion for the same year. A study by the Federation of Indian Chambers of Commerce and Industry (FICCI) said trade between India and ASEAN countries could reach $100 billion over the next five years.

India’s Prime Minister, Manamohan Singh, is set to visit Vietnam to participate in the India-ASEAN Summit later this month.

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