PM pitches for Indo-Asean Services, Investment pact by Mar

Citing global economic downturn to push for greater India-Asean (Association of South East Asian Nations) cooperation, Prime Minister Manmohan Singh today pitched for conclusion of a "commercially-meaningful" Services and Investment pact by March 2012 to create a positive atmosphere for implementation of the Comprehensive Economic Cooperation Agreement.

Addressing the India-Asean Summit here, Singh also highlighted the need for greater connectivity and cooperation on security issues, including maritime security, counter- terrorism, training, exercises and disaster management.

"Our partnership with Asean is one of the cornerstones of our foreign policy, and the foundation of our 'Look East' Policy," he said at the annual Summit.

Talking about various elements of engagement between India and the 10-nation grouping of Asean, Singh said, "I believe that our cooperation is on the right path. Given the global economic downturn, there is today an even greater urgency to our cooperation."

He referred to trade and economic front and noted that the India-Asean Free Trade Agreement for Trade in Goods has come into effect in all Asean member states and India following its ratification by Cambodia in August this year.

"I seek your support for the early conclusion of a commercially-meaningful Services and Investment Agreement. This would create a positive atmosphere for the implementation of the India-Asean Comprehensive Economic Cooperation Agreement as envisaged in our Framework Agreement of 2003," the Prime Minister told the Summit leaders.

"We should endorse the decision taken at the last round of negotiations in October 2011 to conclude the Agreement by March 2012," he added.