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What Is Asean Free Trade Agreement

From 2016, import and export duties on more than 4,000 products will be eliminated. This will have a similar effect to China`s free trade agreement, as it opens up the Indian consumer market to ASEAN industrial products. India has a considerable middle-class consumer market of about 250 million people, although it is not expected to grow as fast as China in the short term. The ASEAN-India Free Trade Agreement will also be expanded to include services, negotiations are already at an advanced stage and an agreement is expected to be reached later this year. Details of the ASEAN-India Free Trade Agreement can be found here. The ASEAN-Japan Comprehensive Economic Partnership (AJCEP) entered into force in December 2008. The agreement covers trade in goods, trade in services, investment and economic cooperation.