India, Malaysia CECA to take effect on July 1

13:47, July 01, 2011      

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India and Malaysia will implement bilateral Comprehensive Economic Cooperation Agreement (CECA) starting from July 1 with an eye to boost bilateral trade and investment, said a press release by Indian government Thursday.

Upon the implementation of Free Trade Agreement with ASEAN in January 2010, India will gain market access from Malaysia for basmati rice, mangoes, eggs, trucks, motorcycles and cotton garments, said the release.

India also provides adequate protection for sensitive sectors like agriculture, fisheries, textiles, chemicals, auto and others.

Further, the agreement will enhance bilateral trade in services with easier movement of business people and professionals from accounting and auditing, architecture, urban planning, engineering services, medical and dental, nursing and pharmacy, computer and related services, and management consulting services.

Bilateral trade is expected to grow to 15 billion U.S. dollars by 2015 from 10 billion U.S. dollars in fiscal year 2010-2011 ending March 31.

Both countries signed the CECA in this February as India's fourth one of this kind of agreement after that with Singapore, South Korea and Japan.

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