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 Prime Minister Atal Bihari Vajpayee along with the heads of states of ASEAN countries at the ASEAN-India Summit in Bali on October 8.
Photo: PIB |
BUSINESS Eastwards ho! India signed three key agreements with the Association of South-East Nations at the three-day ASEAN Summit in Bali in October. The deals ranged from fighting terrorism to boosting economic linkages. India and the powerful 10-nation ASEAN also signed a major framework agreement to comprehensively enhance their current trade turnover of $12 billion and establish a free trade area in 10 years. The free trade agreement signed between India and Thailand is expected to result in significant creation of business as a result of increase in the level of two-way trade between the two countries. The first phase of the agreement would help the two countries trade freely in machinery, precious stones, jewelry, and electrical appliances. Thailand and India also plan to cut tariffs on a number of goods to zero by 2010. In 2002, bilateral trade between India and Thailand increased by 2.66 per cent over 2001 to reach $1184.8 million. Prime Minister Atal Bihari Vajpayee announced an 'open skies' arrangement with ASEAN to allow designated airlines from the regional grouping to run daily flights to India. Recalling his proposal for an India-ASEAN Vision Document, 2020, which is likely to be adopted at the next ASEAN summit in Laos, the prime minister referred to establishment of road and rail links between India and ASEAN members. ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Text: Nandita Mallik 'FTA to boost India-Thailand trade' India opens its skies to ASEAN India, ASEAN in big trade pact; to fight terror
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