The India ASEAN Free Trade agreement with Singapore, Thailand and Malaysia has become operational from January 1,2010.The ASEAN comprises Brunei, Laos, Philippines, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand and Vietnam. The agreement with the rest of the countries of the grouping will be operational only after it is ratified by the respective parliaments of these countries.
The government has notified the rules to operationalise the India-ASEAN free trade agreement. They specify that products having more than 35 per cent of local content will get preferential tax treatment under the free-trade treaty.
According to the notification issued by the Finance Ministry, the rules also specify the methodology for calculation of the cost of products to be traded between India and the Association of South East Asian Nations.
Indian exports to Singapore, Thailand and Malaysia, accounting for over 90 percent of the India-ASEAN $ 44 billion trade, would also be given easy access to about 4,000 tariff items.
The Government of India has also signed many other Trade agreements namely, India-Sri Lanka FTA, SAFTA, CECA etc. and the details can be viewed at http://www.commerce.nic.in