India, Asean trade to reach $70 bn in 3 years

February 22nd, 2011 - 8:51 pm ICT by IANS  

New Delhi, Feb 22 (IANS) India’s trade with the 10-member Association of Southeast Asian Nations (Asean) will reach $70 billion in the next three years, Sumanta Choudhuri, joint secretary, Ministry of Commerce and Industry, said Tuesday. India’s total trade with Asean countries was $50.1 billion in 2010. It included $22.3 billion Indian exports and $27.8 billion imports, Choudhuri told reporters at a press conference here.

He said India and the 10-member Asean group will organise a five-day business conclave here aimed to boost trade and investment.

Trade and industry ministers from all Asean countries that include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam, will participate in the event.

Over 500 businesses from India and Asean countries are likely to participate in the conclave to be held Mar 2-6.

This will be the first major business event after India signed a free trade agreement (FTA) with Asean in September 2009.

“This first major event after the FTA will be a unique blend of exhibition, meeting of captains of trade and industry and business conclave,” said Choudhuri.

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