In an indication of growing synergy between the two major trading partners, India-ASEAN trade is expected to touch $70 billion in the next three years.
Talking to newsmen here, Ministry of Commerce and Industry Joint Secretary Sumanta Chaudhuri said India-ASEAN trade during the calendar year 2009 was — exports $17.3 billion and imports $23.8 billion — and during 2010 — exports $22.3 billion and imports $27.8 billion.
Speaking on the forthcoming India-ASEAN business fair and business conclave to be held from March 2 to 6 here, Mr. Chaudhuri said this would be a defining event which would epitomise the post-ASEAN FTA synergy between the two major trading partners.
This first major event after the FTA would be a unique blend of exhibition, meeting of captains of trade and industry and business conclave. This event would showcase India's soft power by involvement of the Indian Council for Cultural Relations (ICCR).
The fair is being coordinated by the Federation of Indian Chambers of Commerce and Industry (FICCI). The event will bring together business leaders and practitioners for knowledge sharing and business development across industry segments from India and ten ASEAN countries.
The fair will be inaugurated by Commerce and Industry Minister Anand Sharma. Trade and industry ministers from the ten ASEAN Countries (Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam) will be participating.
The focus sectors of display and business interest during the fair would be banking, tourism, automotive, construction, oil and gas, pharmaceutical, cosmetics, chemicals, light engineering, electrical equipment, aluminium and stainless steel, training, health products, infrastructure, transportation logistic services, shipbuilding and repairs, jewellery, garments and many more.