India will soon sign free trade agreements (FTAs) on services and investment with the Association of South East Asian Nations (ASEAN), it has been announced. Negotiations were completed back in December 2012.
The signing was due to take place at the India-ASEAN Economic Ministers meeting in Myanmar at the end of last month but was postponed due to the absence of the Indian Commerce and Industry Minister, Nirmala Sitharaman.
Adding to the existing FTA on trade in goods between India and ASEAN, which under a phased approach will eliminate tariffs on 80 percent of goods by December 31, 2016, the new agreements, if implemented, are said to be looking, in particular, towards the free movement of Indian professionals in the ASEAN region and the facilitation of more investments in the services sector.
The FTA could be particularly beneficial for India and the Philippines given their sizable outsourcing industries.
Source: Tax News
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