» India feels its FTA offer to Asean is best it can give

India feels its FTA offer to Asean is best it can give

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India feels its FTA offer to Asean is best it can give

Indias new offer to Asean to make the proposed free trade agreement (FTA) a reality was not only better than the China-Asean FTA, but also more favourable than the ideal model FTA, government sources said.

India had, during the Indo-Asean senior economic officials meet on August 18, offered to eliminate or reduce its tariff lines to 89.3% and ensure 94% of the trade gets covered in this exercise. New Delhi had then given a weeks time to Asean to respond with similar offer.

As per the China-Asean FTA, both the sides had agreed to bring down the tariff lines to 50% by 2020. But Indias offer was better as it promised to bring down the bulk of the items to 7.5% by 2022, the sources said. This offer was with the exception of sensitive items like palm oil, tea and pepper which currently cover only 30% of the trade. As per the ideal FTA under international norms, two countries entering into such a pact must eliminate or reduce 90% of the tariff lines and ensure that 90% of the trade gets covered in the process.

More : financialexpress.com

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