Thursday, August 13, 2009

India, ASEAN sign deal on free trade in goods

BANGKOK, Aug 13 (Reuters) - India and the 10-country Southeast Asian bloc ASEAN signed a long-delayed free trade agreement on Thursday after more than six years of negotiations.

Thai and Indian officials said the Free Trade Agreement (FTA) would eliminate tariffs on products including electronics, chemicals, capital goods and textiles, that account for more than 80 percent of total trade in goods between the two sides.

Tariffs on those products would be reduced to zero between 2013 and 2016, according to a joint statement issued just before the signing ceremony.

ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. (Reporting by Vithoon Amorn; Editing by Alan Raybould)

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