Strengthening ties, India and ASEAN also elevated their dialogue partnership to a strategic level.
Following implementation of FTA in goods last year, both the sides were engaged intensely to widen the base of the pact by including services, an area of key interest to India, and investments.
"I am optimistic that our trade will exceed USD 100 billion by 2015 and we should aim for the milestone of USD 200 billion 10 years from now," Prime Minister Manmohan Singh told the India-ASEAN Commemorative Summit here.
He said that the summit "today coincides with the conclusion of negotiations for the FTA in services and investments. I am confident it will boost our economic ties in much the same way the FTA in goods has done".
The free trade pact after its implementation is expected to facilitate temporary movement of business people, including contractual service suppliers and independent professionals in accounting, architecture, engineering services, medical and dental, nursing and pharmacy, computer services and management consulting.
India, whose services sector contributes about 55 per cent in the country's economic growth, was very keen to enter the ASEAN market.
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The pact would also help Indian companies to increase their investment in the ASEAN countries in various sectors like infrastructure.
"Together we constitute a community of 1.8 billion people, representing one-fourth of humanity, with a combined GDP of USD 3.8 trillion. It is only natural that India should attach the highest priority to its relationship with ASEAN," Singh said. (MORE)