India set to cut negative trade list

Commerce Minister Kamal Nath and External Affairs Minister Pranab Mukherjee are scheduled to hold meetings with Asean member countries to iron out differences in the Indo-Asean free trade agreement.

Commerce Minister Kamal Nath and External Affairs Minister Pranab Mukherjee are scheduled to hold meetings with Asean member countries to iron out differences in the Indo-Asean free trade agreement.

While the PM is scheduled to leave on December 11 to attend the Summit and proceed to Japan thereafter, for talks with Japanese Prime Minister Shinzo Abe, it is learnt that both the commerce minister and foreign minister would leave for the Philippines before Singh to do the ground work in sorting out differences between India and some Asean countries on the negative list.

Sources said as the FTA is an important element of India8217;s increased involvement with the Asean countries, it is important for both sides to build a consensus on how to go about resolving the differences on the negative list.

They added that while India, on its part, is in the process of bringing down its negative list to below 500, some countries like Malaysia have included new items and increased the negative list taking it above 1,000, which is not acceptable to India.

These meetings ahead of the PM8217;s visit would therefore be crucial as the PM would be holding separate bilaterals with some of the countries and is also scheduled to meet his Chinese counterpart Wen Jiabao while attending the Summit.

Briefing reporters on the PM8217;s visit, foreign secretary Shivshankar Menon today said India attached great importance to its relations with Japan which, according to him is the 8220;focal point in our look-east policy8221;.

During his visit to Japan, apart from meeting with Shinzo Abe and Japanese industry heads, it is learnt that a comprehensive economic engagement with Japan is high on the PM8217;s agenda.

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Menon also said issues of energy security within the region would be one of the important points of discussion during the Summit.