Kochi: India is looking to expand its trade and investment ties with Asean countries with the signing of four comprehensive economic cooperation agreements.
Mr A.K.Tripathy, Joint Secretary, Ministry of Commerce and Industry, said that India has a $1 trillion service industry and 50 per cent of the GDP was related to trade and industry. India played a very active role in signing FTA and CECA with neighbouring countries, he said.
Mr Tripathy was delivering the keynote address at the Outreach session on FTA organised by CII-Kerala here on Wednesday. The objective of the session was to highlight the opportunities that will emerge for the Indian industry from the four CECA that India has signed with Japan and Asean countries.
Mr Avinash P. Joshi, Director, Ministry of Commerce and Industry, said that CECA would be a major factor in the robust growth in bilateral investments that have touched $24 billion. Singapore is now the second largest contributor of FDI into India, he said.
Ms Suchismata Palai, Director, Ministry of Commerce and Industry, said that the India-Korea comprehensive Economic Partnership Agreement (CEPA) would benefit not only trade in goods but also investments, services and bilateral cooperation in the areas such as customs, audio visual coproduction, competition, new and renewable energy.
Concluding the session, Mr Pranav Kumar, Director and Head – International Policy and Trade, CII, said that the future of India's service sector lies in promoting FTAs in the coming years and that international trade should be developed with Asean and other countries.
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