India robustly insisted on early conclusion of a Free Trade Agreement (FTA) with ASEAN in services and investment and expansion of communication links with the member States of the 10-nation group which is considered one of the world's fastest growing regions. While addressing the ASEAN-India Ministerial meeting at Phnom Penh the capital of Combodia, External Affairs Minister S M Krishna stressed on the need for supporting private sector participation and promoting cross-country private-public partnerships for the betterment of connectivity b/w ASEAN nations and India.
Bilateral trade b/w ASEAN and India in 2011-12 touched $ 80 billion.
India believes that the early conclusion of the ASEAN-India Services and Investment Agreements would provide strong impetus to the economic engagement.
India and the ASEAN have already implemented an FTA in goods and are having intense negotiations to expand its base and include services and investments.