Trade between India and the ASEAN (Association of Southeast Asian Nations) countries is expected to grow to $70 billion in 2012, a senior external affairs ministry official said here Friday.
“The trade between India and the ASEAN countries following the Free Trade Agreement (FTA) for trade in goods reached $50 billion in 2011.
So we now have a target of $70 billion by 2012,” said Sanjay Singh, secretary (east) in the ministry of external affairs. “We have a very large trade basket with ASEAN countries… it is spread over huge number of commodities.
We hope to see growth in all the commodities. In 2012, we will get $70 billion (trade) because we are growing at a rate of 18-20 percent every year,” he said on the sidelines of the Look East Economic Summit 2012.