NEW DELHI, Dec. 20 (Xinhua) -- India and the Association of Southeast Asian Nations (ASEAN) Thursday concluded negotiations for a Free Trade Agreement (FTA) in services and investments, announced Indian Prime Minister Manmohan Singh.

Speaking at the India-ASEAN Commemorative Summit held in the Indian capital to mark 20 years of partnership, Singh said the FTA in services and investments "represents a valuable milestone in our relationship," while expressing confidence that the 20-year- old partnership between them will elevate to a Strategic Partnership for the next decade and beyond.

"Political dialogue between the two has grown, our consultations in regional forums have intensified, and our defense and counter-terrorism cooperation have expanded," he said. "The future is inter-linked and a stable, secure and prosperous Indo- Pacific region is crucial for our own progress and prosperity."

The prime minister also said that the FTA in goods has already pushed trade between India and ASEAN to grow by 41 percent in 2011- 12 fiscal year, while the two-way flows in investments also reached 43 billion U.S. dollars over the past decade.

He also hoped that bilateral traded could exceed 100 billion U. S. dollars by 2015 from the current 80 billion.

December 20, 2012

Source: Xinhua

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