India has been trying to have a Free Trade Agreement (FTA) with ASEAN countries for quite time. However, until now, there has been no substantial progress and ASEAN leaders have blamed Indian reluctance to open up its market in this regard. It seems that Indian government is now taking this matter very seriously and Commerce Minister Kamal Nath today told journalists that he was optimistic of having FTA with ASEAN countries within 2006. I am quoting from a report of Business Standard:
"India today offered new tariff concessions covering more than 90% of Asean's exports to India in a bid to accelerate the slow moving Asean-India FTA talks.
"We had earlier offered tariff reductions for 69% of the items. It has now been raised to 94.6%," Gopal K Pillai, special secretary of the ministry of commerce and industry, told PTI after talks with economic officials from the Asean here."
I wish that this can make the ASEAN countries satisfied and FTA really comes within the next few months. It is a pity that Asian countries are yet to take the matter of economic integration seriously. I am not sure whether Asian countries can achieve the level of economic integration similar to EU members even in the next one decade. I am just happy that Indian government is now becoming more serious about it.
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