India May Cut Negative List For Asean FTA
20/11/06 (RTTNews) - India has offered further pruning of its negative list of 560 items for Association of South East Nations on which there would be no duty cuts. This is aimed at early conclusion of the negotiations for a free trade agreement with the regional block.
The offer has come even as Asean sought deeper duty cuts on crude palm oil, pepper, black tea and asked that duty on 85% of the total traded items should be brought to zero by 2005.
After the trade negotiating committee meeting held in Jakarta last week, the commerce ministry would have to approach the Prime Minister's trade and economic relations committee to obtain a fresh negotiating mandate.
Officials are still optimistic about a deal being clinched by next month, when Prime Minister Manmohan Singh is expected to participate in the Asean summit.