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The bilateral trade between India and the Association of South East Asian Nations (Asean) will be reaching $70 billion in the next three years.
Stating this here, Mr Sumanta Choudhuri, Joint Secretary, Ministry of Commerce and Industry, said the India-ASEAN Business Fair and Business Conclave, which is to be held from March 2 to 6 here will be the defining event that will epitomise the post-ASEAN Free Trade Agreement (FTA) synergy between the two major trading partners.
He said that during the calendar year 2009, India's exports to Asean were $17.3 billion and imports $23.8 billion. He added that during 2010, India's exports were $22.3 billion and imports $ 27.8 billion.
Business fair
He said the Business Fair and Conclave will be the first major event after the FTA will also feature a meeting of captains of trade and industry as well as an exhibition. The Business Fair is being coordinated FICCI.
It will bring together business leaders for knowledge sharing and business development across industry segments from India and 10 ASEAN Countries, an official statement said.
The fair will be inaugurated by Mr Anand Sharma, the Commerce and Industry Minister and will see the participation of his counterparts from the 10 Asean countries (Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam).
The focus sectors are banking, tourism, auto, construction, oil and gas, pharmaceuticals, cosmetics, chemicals, light engineering, electrical equipment, aluminium and stainless steel, training, health products, infrastructure, transportation logistic services, shipbuilding and repairs, jewellery, garments, consultancy services, pharmaceuticals, IT and IT-enabled services, chemicals, architect services, auto parts, personal care products, construction and mining, agri and food processing.
It will also see the participation of over 500 businesses from India and Asean countries, including Tata Motors, BHEL, IRCON, Aptech and Wapcos.
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