India - Asean FTA filalizing the agreement

According to Nikkei press on Aug. 11, the on-going India and Asean FTA is finalizing and will be signed on Dec. 2008.

Both parties will reduce the import duty to 5% to promote the goods trade. India will reduce the average duty rate from 30% to 5%, and Asean will reduce from 10% to 5%. This will certainly helpful for Japanese traders which have facility in Asean.

For Asean, India is 4th FTA agreement, followed by China, Korea and Japan.