India, ASEAN to finalise negative lists in Jakarta
Bernama, Malaysia
India, ASEAN To Finalise Negative Lists In Jakarta
By Mahesh Prasad
15 March 2007
NEW DELHI, March 15 (Bernama) — India and ASEAN are likely to finalise and exchange their negative lists (items to be excluded) when they meet to conclude negotiations for a Free Trade Agreement at a three-day meeting in Jakarta from Tuesday.
"So far, we have received individual negative lists from ASEAN member countries. We have raised our grievances regarding some of these items," an Indian official was quoted as saying by the business daily Financial Express.
"Both sides will finalise the negative lists at the meeting. The mechanism for tariff reduction and elimination will also be thrashed out."
Following pressure from ASEAN, India had cut the items in its negative list from 1,414 to 854 and finally to 490. The list comprises products for which tariffs will not be reduced under the FTA.
Both sides had also agreed in January to conclude the FTA talks by July, the report says.
After they have agreed on the negative lists, next week’s talks will focus on trade in investment and services, the official was reported as saying.
India’s trade with ASEAN countries shot up from RM34 billion (US$9.7 billion) in 2002-03 to more than RM75.6 billion (US$21 billion) in 2005-06.
Officials have been reported as saying that India’s proposal for tariff concessions is aimed at giving ASEAN countries satisfactory market access. India expects ASEAN to give equal, if not greater, market access for India’s exports.
At the January meeting, both sides had agreed that an early conclusion of the ASEAN-India FTA will not only increase bilateral trade but also benefit both sides in the context of a larger regional strategy.
Officials have been quoted as saying that India wants to match China regarding presence in the ASEAN region.
