India Implements Trade Pact With Philippines.

New Delhi, Jun 27 (PTI) Taking its market opening pact further with the 10-nation Asean bloc, India today announced implementation of its free-trade agreement with Philippines.

Under the pact India, will slash import duties on thousands of goods imported from Philippines on a reciprocal basis.

With the trade pact becoming operational with Philippines, the agreement signed with the Association of Southeast Asian Nations (Asean) bloc in 2009 has now become functional with the nine member countries.

While the pact was signed between India and Asean, New Delhi had to separately notify with each of the south east Asian nations.

Besides Philippines, the other countries with which India has operationalised FTAs are Indonesia, Vietnam, Myanmar, Malaysia, Singapore, Brunei Darussalam, Thailand and Laos. The pact with the 10th member -- Cambodia -- is yet to be notified.

A notification bringing the free trade pact with Philippines into effect has been issued by the Central Board of Excise and Customs (CBEC).

The bilateral trade was USD 1.06 billion in 2009-10.

India and Asean trade in goods is expected to touch USD 70 billion by 2012 from the present USD 43.5 billion.

The two are also engaged in negotiations to broadbase the FTA by liberalising the services and investment regime.

Source : news.in.msn.com