Unveiling a roadmap to boost economic ties, the government on Thursday pledged to sign a pact with the 10-member Association of South East Asian Nations (ASEAN) bloc on services and investment by the end of this year.
The 11th ASEAN-India Summit, attended by heads of governments of the member states and Prime Minister Manmohan Singh, welcomed India's 'Look East' policy and the decision to set up a separate mission for ASEAN and a full time resident Ambassador for the region.
Sultan of Brunei Haji Hassanal Bolkiah, who chaired the 11th India-ASEAN Summit, in a statement said ASEAN leaders welcomed India's policy within the framework of their strategic partnership.
Addressing the summit, Mr Singh said that India was ready to sign an FTA with ASEAN on services and investment to boost their bilateral trade to $100 billion by 2015, from $76 billion last year.
"India stands ready for the signature of the India-ASEAN Free Trade Agreement on Services and Investment by the end of this year and its early implementation."
"This will complement our Agreement on Goods and bolster our economic partnership," he said.
He further said initiatives have also been taken by the Federation of Indian Chambers of Commerce and Industry (FICCI) to revitalise the ASEAN-India Business Council and to set up an ASEAN-India Trade and Investment Centre.
In the chairman's statement, ASEAN members said they were heartened to note that bilateral trade surpassed the target of $70 billion and reached 76 billion.
We (ASEAN) look forward to "signing the ASEAN-India Trade in Services and Investment Agreement by the end of 2013 and its operationalisation by July 2014".
"We note with satisfaction the progress of negotiations on the Regional Comprehensive Economic Partnership (RCEP) which would build upon the ASEAN+1 Free Trade Agreements including the ASEAN-India FTA."
"We acknowledge that the RCEP recognises ASEAN Centrality in the emerging regional economic architecture and contribute to economic integration, equitable economic development and strengthening economic cooperation among participating countries In this regard, we looked forward to its timely conclusion by 2015," the statement said.
The secretariat for ASEAN, a ten-member bloc of countries including Brunei, Indonesia, Malaysia, Myanmar, Singapore,Thailand and Vietnam, is based in Jakarta.
On food price volatility
"We took note of the enhancement and strengthening of co-operation on food security through the widening of food production base and exchange of expertise between ASEAN and India to enhance resilience in food security planning to address price volatility of food commodities," Mr Bolkiah said.
Prime Minister Manmohan Singh addressed the summit and said that over two decades, India and ASEAN have established a comprehensive agenda of cooperation and a wide-ranging framework to pursue it.
"Today, we stand on the threshold of the third decade of our engagement. In keeping with our substantial achievements, the recent elevation of our ties to a strategic partnership and the rich potential of our cooperation," he said.
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