Indo-Asean trade last year may record a quantum jump of over 35 per cent. Mr Siddharth, Joint Secretary, Union Ministry of Commerce, told reporters here on Friday that going by the trend, the trade between the two may reach a level of $75-80 billion by the end of this financial year.
In 2010-11, India's trade with the 10-nation block was around $58 billion, he said.
Mr Siddharth, who was here to attend a meeting organised by FICCI and FIEO, said from April to December trade between India and Asean was over $59-60 billion.
The official said the country's trade deficit with Asean, however, was declining. “In 2010-11, it was $3 billion.” This fiscal it was showing a downward trend, he indicated.
Since January 2010, India and Asean allow each other free market access in goods trade. Efforts are on for further opening of the respective markets in services and investments, the joint secretary said.
On bilateral issues with South-East Asian nations, he said the Comprehensive Economic Cooperation Agreements (CECAs) with Thailand and Indonesia may be a reality in the near future. India has signed CECAs with Singapore and Malaysia.