New Delhi, Feb 22 (PTI) India's trade with the 10-member South East Asian nations bloc may touch USD 70 billion by 2014 because of the free trade agreement (FTA) that came into force last year, a government official said today.

The two-way commerce between India and the Association of South East Asian Nations (ASEAN) increased to over USD 50 billion in 2010 from USD 41 billion in the previous year, Joint Secretary in the Commerce Ministry Sumanta Choudhuri told reporters here.

Philippines and Cambodia - the two ASEAN members - are yet to implement the FTA, he said, adding that once they implement the agreement, the trade will grow further.

"We are aiming for USD 70 billion in the next three years," Choudhuri said, announcing that five-day India-ASEAN Fair and Business Conclave will start from March 2.

Feb 22^nd, 2011

Source: ptinews.com

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