India Seeks ASEAN, South Korea Trade Pacts

In an effort to accelerate India's recovery from the global recession, the newly elected United Progress Alliance government in New Delhi will attempt to sign free-trade agreements with both South Korea and the Association of South-East Asian Nations (ASEAN) within the next 100 days, a government official said.

"All the differences have been resolved and the free trade agreement would be signed either on the sidelines of the ASEAN trade ministers meeting in August or at the ASEAN Summit in October," a senior Commerce Ministry official told the Indian press.

The agreement with ASEAN would open the South-East Asian markets for Indian exporters who are suffering from declining demand for their products in the United States and Europe. Negotiations with the 10-nation bloc began in 2001 but were delayed several times.

Anand Sharma, India's commerce and industry minister also said he would soon approach the federal cabinet for approval of drafts of FTAs with both ASEAN and South Korea.

Contact Alan Field at afield@joc.com.