Press Information Bureau

Government of India

Ministry of Commerce & Industry 

22-February-2011 India-Asean trade to Reach US $ 70 billion in 3 Years

India-Asean Business fair from March 2

India-ASEAN trade will be reaching US $ 70 billion in the next three years. This was disclosed here today by Shri Sumanta Choudhuri, Joint Secretary, Ministry of Commerce and Industry, in a curtain raiser press conference on India-ASEAN Business Fair & Business Conclave which is to be held from 2-6 March 2011 in New Delhi. Speaking on the occasion, he said that the India-ASEAN trade during the calendar year 2009 were – exports $ 17.3 billion and imports $ 23.8 billion – and during 2010 – exports $ 22.3 billion and imports $ 27.8 billion. Describing the event, Shri Choudhuri said that this will be defining event which will epitomise the post-ASEAN FTA synergy between the two major trading partners. This first major event after the FTA will be a unique blend of exhibition, meeting of captains of trade and industry and business conclave. This event will showcase India’s soft power by involvement of Indian Council Cultural Research is an indication in that direction, Shri Choudhuri added.

The Business Fair is being coordinated by the Federation of Indian Chambers of Commerce and Industry (FICCI). “INDIA - ASEAN Business Fair and Business Conclave 2011”, an International Exhibition and Conference, first of its kind, will bring together Business leaders and Practitioners for knowledge sharing and business development across industry segments from India and 10 ASEAN Countries. The Business Fair will be inaugurated by Shri Anand Sharma, Union Minister of Commerce & Industry, Minister of India. The Trade & Industry Ministers from the 10 ASEAN Countries (Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam) will be participating.

The focus sectors of display & interest of Businesses during the India-ASEAN Business Fair & Conclave are Banking, Tourism, Automotive, Construction, Oil & Gas, Pharmaceutical, Cosmetics, Chemicals, Light Engineering, Electrical Equipments, Aluminium & Stainless Steel, Training, Health Products, Infrastructure, Transportation Logistic Services, Shipbuilding & Repairs, Jewellery, Garments, Consultancy Services, Pharmaceuticals, IT & IT enabled Services, Chemicals, Architect Services, Auto parts, personal care products, Construction & Mining, Agri & Food processing and many more.

Over 500 Businesses from India & ASEAN countries would be participating in India-ASEAN Business Fair & Business Conclave. Indian Majors like Tata Motors, BHEL, IRCON, APTECH, WAPCOS, etc are also showcasing their product lines. The main sectors of Cooperation between India & ASEAN are: Agriculture & Food Processing, Infrastructure, Tourism, Automotive, Education, Pharmaceuticals, Textiles, IT, amongst others.

Dr. Amit Mitra, Secretary General, FICCI, during his interaction said that “I am confident that this joint effort by Ministry of Commerce and FICCI shall be instrumental in strengthening the bilateral trade among India and ASEAN countries through INDIA - ASEAN Business Fair and Business Conclave 2011”.

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DS/MRS

India ASEAN trade expansion expected to accelerate, with a business fair to boost post FTA commercial integration and sectoral cooperation. India ASEAN trade is projected to expand following the ASEAN India Free Trade Agreement, and the India ASEAN Business Fair & Business Conclave - coordinated by the Ministry of Commerce and FICCI with participation from ASEAN trade ministers and major Indian firms - is positioned as a facilitative mechanism to convert post FTA market access into concrete commercial linkages across sectors such as agriculture, infrastructure, automotive, pharmaceuticals, textiles, IT, and logistics.