Monday, September 1, 2008

India and ASEAN Conclude FTA

Previously Posted on Trade Lawyers Blog:

On August 28, 2008, India and the Association of Southeast Asian Nations (ASEAN) (Brunei Darussalem, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam)concluded six years of negotiations for a free trade agreement (FTA). The formal FTA document covering trade in goods will be signed by leaders at the ASEAN-India Summit scheduled for December in Bangkok. It is anticipated that the ASEAN - India FTA will be effective from January 2009.

This FTA relates to trade in goods. Under the FTA, India and ASEAN will eliminate import duties on 71 per cent of products  by 31 December 2012 and another 9 per cent by 2015. Duties on 8 to 10 per cent of the products that have been kept in the sensitive list will also be brought down to five per cent.

It is anticipated that a trade in services agreement will be negotiates, as well as a dispute settlement agreement and an investment treaty.

Cyndee Todgham Cherniak

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