In the working session with India, the ASEAN ministers discussed implementation of the ASEAN-India free trade area agreement, which took effect on January 1, 2010, with a focus on tax reduction, the application of technical standards, and problems concerning the origin of goods.

ASEAN is now India’s fourth biggest trading partner, after the EU, the US, and China. Two-way trade turnover is approximately US$47 billion.

The ASEAN ministers and the European Commisioner for Trade agreed to hold an ASEAN-EU dialogue on specific measures to boost trade and economic cooperation.

The EU is currently ASEAN’s second biggest trading partner and its biggest investor with 24 percent of the total investment in the region. The EU is now negotiating a free trade agreement with ASEAN.

ASEAN-EU trade cooperation plays an important role in the bloc’s global integration, said Minister Hoang.

The ASEAN economic ministers are also negotiating a free trade area agreement with Australia and New Zealand.