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India-ASEAN free trade agreement likely by May 2008, says
Published in Saudi Press Agency on 20 - 11 - 2007


A long-delayed free trade agreement
between India and Southeast Asian nations is expected to be
concluded by May 2008 after the last few problems are
ironed out, ap quoted Indian Commerce Minister Kamal Nath as saying Tuesday.
He made the announcement after talks with economic
ministers of the 10-member Association of Southeast Asian
Nations. ASEAN leaders were in Singapore this week for
their annual political summit.
«While the main elements of (a free trade pact) have been
agreed upon, a few issues relating to preferential access
for a few products remain,» Nath said. He said both sides
had agreed to conclude the pact in May 2008.
The announcement represented a complete turnaround after
pessimism expressed by some ASEAN countries on Monday that
negotiations had stalled because of serious differences
with India. But Nath said the differences were minor.
«We are in our last mile,» he said. «Timeline, deadline
are important, but bottom line is the most important.»
India and ASEAN were supposed to sign a free trade pact in
January, but negotiations stalled over India's refusal to
budge on tariffs on five key items: petroleum, palm oil,
pepper, tea and coffee.
Last year, India offered to cut tariffs on crude palm oil
from 80 percent to 50 percent and for refined palm oil from
90 percent to 60 percent by 2018.
But Malaysia and Indonesia, which jointly supply 70
percent of India's edible oil, want a further reduction in
tariffs to 30 percent for crude palm oil and 40 percent for
the refined product.
Vietnam and Thailand are also seeking more tariff
concessions for black pepper, tea, coffee and petroleum
products, officials said.
At the same time, Brunei wants India to cut duties on
petroleum, its main export item. Tariffs are already low at
5 percent, but Brunei wants further concession.
Nath said negotiations were under way concerning all five
products.
«We are still looking for middle ground. There will be
intensive negotiations,» Indonesia Trade Minister Mari
Pangetsu said, adding that palm oil is one of the areas
where «we need to find middle ground.»
Trade between India and ASEAN reached nearly US$20 billion
(euro14 billion) last year and is projected to surge to
US$30 billion (euro 21 billion) by 2010 under the proposed
pact.


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