India Signs FTA in Services, Investments With ASEAN

"Some of the important Articles contained in the agreement are ones on transparency, domestic regulations, recognition, market access, national treatment, increasing participation of developing countries, joint committee on services, review, dispute settlement and denial of benefits," the official said.

The official said each ASEAN member state has tabled individual schedule of commitments, which are equally applicable for India and other ASEAN members.

"India on the other hand has tabled three schedules of commitments, one for the Philippines, one for Indonesia and one for the remaining eight ASEAN Member States," he said.

It was also agreed by India that in order to increase participation of the least developed countries, no additional requests would be tabled to the CLMV countries (Cambodia, Lao, Myanmar and Vietnam).

"All the three schedules tabled by India are well within the existing autonomous regime of India," he said.

A brief on movement of professionals, one of the key areas of interest for India, has been included in the agreement.

"This annex defines business visitors, intra corporate transferees (Managers, Executives and Specialists) and contractual service suppliers.

"This will help provide commercially meaningful market across in ASEAN for our professionals, including those from the IT/ITeS sector. Independent professionals have not been defined in the Annex," the official said.

Trade between India and South East nations' bloc ASEAN stood at about USD 76 billion in 2012-13. Both sides aim to increase it to $100 billion by 2015.

The ASEAN members are: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

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