India-ASEAN trade may touch $80 bn in 2011-12

Kolkata: The trade between India and ASEAN countries is expected to post 30 percent growth during the current fiscal and is likely to touch $75-80 billion.

“The trade with ASEAN countries is growing steadily and this year we expect it to be between $75-80 billion,” commerce ministry joint secretary Siddharth said today on the sidelines of a trade seminar jointly organised by FICCI, FIEO and the department of commerce.[caption id=“attachment_253873” align=“alignleft” width=“380” caption=“Increasing trade. Reuters”]  [/caption]

The Association of Southeast Asian Nations (ASEAN) is a geo-political and economic organisation of ten countries located in South East Asia.

Siddharth said India-ASEAN trade was valued at $60 billion in the nine months of April-December 2011. In 2010-11, the trade with ASEAN was $57 billion.

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Another important aspect of trade with ASEAN countries was that the trade deficit was reducing, he said.

“In 2010-11 the gap reduced to $3 billion. Imports were $30 billion while export was $27 billion,” he said.

Siddharth said negotiations on services and investment with ASEAN countries were underway and the Comprehensive Economic Cooperation Agreement (CECA) was signed with important ASEAN countries like Singapore.

“CECA has already been signed with Singapore and Malaysia. With Thailand, it is expected in 2012 calender year. With Indonesia, dialogue is to begin soon,” Siddharth said.

PTI