India and the Association of Southeast Asian Nations (ASEAN) have signed a free-trade agreement following more than six years of talks. The deal was signed in Bangkok at a meeting of ASEAN economic ministers. It is set to bring wide-ranging benefits such as the reduction and eventual elimination of tariffs on electronics, chemicals, machinery and textiles. These products comprise 80% of the goods traded between India and ASEAN.
A separate free-trade agreement has been signed with South Korea, while according to The Financial Express, negotiations are underway between India and several other countries, including China, Egypt, Mauritius and Japan, with the aim of completing similar trade deals.
The 10-member ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. “The countries of East Asia are important drivers of growth … with large consumption to drive global economies,” said India’s commerce and trade minister, Kamal Nath, at a joint press conference of Indian and ASEAN economic ministers.
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