Free trade with ASEAN to open up prospects

The India-Asean (Association of Southeast Asian Nations) Free Trade Agreement (FTA) will open up a host of business opportunities for Indian industry, especially in the construction sector, says a study.

The India-Asean (Association of Southeast Asian Nations) Free Trade Agreement (FTA) will open up a host of business opportunities for Indian industry, especially in the construction sector, says a study.

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"Indian companies could seriously look at the current open project tenders in the Asean region in construction-related activities such as construction of agricultural buildings, bridges, canal, roads and highways, sports facilities and water-treatment plants," said a joint study by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Deloitte.

According to the study, Asean countries would also provide opportunities in service categories such as machinery, computers and supplies, industrial process control equipment, optical instruments, horological instruments to name a few.

The FTA, which was signed in Bangkok August 13, 2009, with Malaysia, Thailand and Singapore and came into effect from January 1, 2011, is expected to be in place with all the member countries by 2016.

Apart from these three members, the Asean countries also include Brunei Darussalam, Cambodia, Indonesia, Laos, Myanmar, the Philippines and Vietnam.