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Asean Trade Agreement With India

In 2001, India and Burma jointly built a 160-kilometre indo-Myanmar Friendship Road to develop a commercial transportation route linking Northeast India and South Asia to Southeast Asia. Based on the success of this trade route, India and Myanmar have agreed to build a new 4-lane triangular highway crossing India, Myanmar and Thailand over 3200 kilometres. This project, including a number of road condition improvements, is expected to be completed by 2016. In 2008, relations between India and Brunei in the agriculture and defence sectors were strengthened during the visit of the Sultan of Brunei to India. During his visit, five agreements were signed, such as the Bilateral Investment and Protection Agreement (BIPA) and the Memorandum of Understanding on Information and Communications Technology Cooperation. After conducting its own internal scoping exercise, ASEAN wrote a letter to India in 2015, stating that it was not prepared to make the pact a „modern generation“ pact with better coverage and stricter rules of origin. „Since then, ASEAN has been following the review relentlessly.“ ASEAN is India`s fourth largest trading partner after the European Union, the United States and China. Trade between India and ASEAN currently stands at $80 billion, but is expected to be strongly boosted by the finalization of the free trade agreement with services and investment. New Delhi: India continues to review its free trade agreement (FTA) for goods with ASEAN may not happen as quickly as it had hoped, as most Southeast Asian nations are reluctant to engage in delicate negotiations immediately. Free trade agreements between the two regions appear to be working effectively and effectively, and Indian Prime Minister Manmohan Singh confirmed that the 2010 free trade agreement had increased trade by 41% in 2011-12. Singh also said that the implementation of the Free Trade Agreement for Services and Investment in 2012 brought annual trade between India and ASEAN to $100 billion by 2015. Trade between India and ASEAN currently stands at about $80 billion.

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