Asean asked to liberalise services

India and Asean are expected to review the progress on signing the free trade agreement in goods at the summit tomorrow and day after,though,official sources told The Indian Express,not much can be done before the new government comes in. Negotiations on FTA in goods were completed in 2008 but the pact could never be formally signed because of political unrest in Thailand. The CEPA would expand the scope of the FTA to trade in services as well as cross-border investment between the two parties.

Even though negotiations on services are at initial stages,ambitious offers by Asean are necessary for ensuring a balanced outcome of the CEPA 8230; as it would enable Indian services sector and professionals to leverage their competitive advantage, Ficci president Harsh Pati Singhania said. The chamber added that further liberalisation in services by Asean with respect to India would be critical as Asean was a net importer of commercial services,with a trade deficit of over 23 billion in 2007. Singhania further added that to realise the full trade potential between India and ASEAN,India had to push more assiduously for WTO-plus commitments from Asean in several sectors including accounting and auditing.