Implementation of the Free Trade Agreement (FTA) with Association of South East
Asian Nations (ASEAN) from 1st January 2010, India has achieved an important
milestone in pursuance of its objective to expand its economic and political
relationship with the neighbouring nations. ASEAN consists of 10 countries
namely Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar,
Philippines, Singapore, Thailand and Vietnam. The ASEAN-India FTA (AIFTA) is
considered a major step of India into the formidable regional trade block of
South Asia. According to the Federation of Indian Chambers of Commerce and
Industry (FICCI), the pact is a win-win for both as the increased market access
would result in doubling