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India grants 'Market Economy' status to Vietnam India News and Travel Times Provides India-centric and other News and Features - Search News

India grants 'Market Economy' status to Vietnam

      India has granted the 'Market Economy' status to Vietnam, which responded by entering into the Indo-ASEAN Free Trade Agreement, which was signed with other members of the ten-nation block in August. Disclosing this here today, Minister of Commerce and Industry Anand Sharma said: " India has given a 'Market Economy' status to Vietnam . That agreement has been signed. In this summit itself, Vietnam signed the India-ASEAN Free Trade Agreement (FTA)." " India has had a very good economic and political relationship with East Asia for the past few years especially when India became a full dialogue partner with ASEAN and India was invited for the East Asia Summit. This is significant," added Sharma. The ten-member ASEAN, a regional grouping of Southeast Asian nations, and India are now trying to fast-track negotiations on services and investment, after sealing a FTA on goods. The FTA on goods with the 42-year-old ASEAN, which was finalised in August, will be implemented from January 1, 2010. Leaders from the ASEAN, India , China , Japan , South Korea , New Zealand and Australia are attending the East Asia Summit being held on the sidelines of the 15th ASEAN Summit.

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