India and ASEAN to "step-up talks on FTA for services

Trade ministers of India and the 10 ASEAN members have asked their negotiating officials to "step up efforts" and show greater flexibility for early conclusion of the free trade pact in services and investments. The services sector is reportedly of key interest to India as it contributes over 55% to its GDP.

India and ASEAN have already implemented a FTA in goods and are engaged in intense negotiations to expand this pact to include services and investments. Trade between the two sides increased by 24% in 2010 to $51.3 billion.