India has formally signed the Trade in Services and Trade in Investments Agreement with ASEAN.
The services agreement will open up opportunities of movement of both manpower and investments from either side between India and the ASEAN.
Nine out of ten ASEAN countries have signed the same. Philippines is completing its domestic procedure and it is expected to sign soon. It may be mentioned that India-ASEAN Agreement on Trade in Goods was signed in 2009 and became effective from 2010. The Trade Agreement has boosted the total trade between India and ASEAN substantially in the past four years.
It may be noted that this agreement on services and investment was scheduled to be signed in Nay Pay Taw, Myanmar, during the ASEAN Economic Ministers (AEM) meeting on August 26, this year. However, in view of the launch of Prime Minister's Jandhan Yojana for inclusive banking, the Minister of State (Independent Charge) Commerce and Industry Nirmala Sitharaman (who was in-charge of the launch of the scheme) could not attend the AEM. She, however, deputed the senior officers from the Ministry of Commerce who attended all the important meetings and consultations on her behalf.
The Minister reiterated the deep historical, cultural and economic ties with ASEAN-India values its economic partnership with ASEAN.
The signing of the agreement in services and investment is reflective of India's deep commitment to have a strong institutional architecture for economic ties with ASEAN.
As part of this economic vision, India is also part of the RCEP negotiations which presently being discussed between ASEAN and its six partner countries.