Friday, May 05, 2006
Posted by Roberto
4:38 PM
0 comments
A PAN-ASIAN FTA
Today, the Indian Prime Minister Manmohan Singh said the government was working on free trade agreements (FTAs) with China, Japan and South Korea.
"We have FTAs with South Asian countries, Singapore and Thailand. We are working on FTAs with the People?s Republic of China, Japan and Korea. This web of engagements may herald an eventual free-trade area in Asia covering all major Asian economies and possibly extending to Australia and New Zealand. This pan-Asian FTA could be the future of Asia." Mr Singh said.
India is confident of sustaining 8 per cent growth for many years but the recent rise in global oil prices poses a major risk to Asia's third-largest economy. Higher retail fuel prices could stoke inflation and prompt the central bank to raise interest rates.
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