Philippines welcomes ASEAN-India free trade pact
PHILIPPINES: The Philippines welcomed the announcement that the
Association of Southeast Asian Nations would sign a free trade pact with
India in December, the foreign department said on Friday.
"The Philippines welcomes the conclusion of the ASEAN-India FTA (free
trade agreement)," the Department of Foreign Affairs said in a
statement.
"This important development augers well for the mutual progress of
our two sides and will help intensify cooperation between these two
dynamic regions of Asia," the statement said.
Officials said in Brunei that the remaining obstacles to the pact,
which will liberalise trade in goods between India and the 10-member
ASEAN, had been removed, setting the stage for the signing of the
agreement on the sidelines of the ASEAN-India Summit in December.
ASEAN secretary general Surin Pitsuwan told AFP on Thursday that the
negotiations had been concluded on the deal covering billions of dollars
in trade but not services.
India adopted a free-market economy in the early 1990s and is keen to
expand trade ties with ASEAN, but it also wants to protect sensitive
sectors such as agriculture and textiles, which provide livelihoods for
millions.
Manila, Friday, AFP |