Awwal 15, 1432 H/Feb 18, 2011, SPA -- India and Malaysia signed a free trade agreement Friday, the second this week for Southeast Asia's third-largest economy as it seeks to deepen its economic ties in the region, as AP reported. The economic partnership agreement came just two days after India sealed a similar pact with Japan, and will pave the way for trade between Malaysia and India to reach $15 billion by 2015. The deal signed by Indian Commerce Minister Anand Sharma and his Malaysian counterpart Mustapa Mohamed, expands upon a trade pact that came into effect January last year between India and the 10-member Association of Southeast Asian Nations. Mustapa said in a statement that the Malaysia-India agreement is more extensive _ covering services, investments, technical barriers to trade and other areas that were excluded in the regional pact. It will also give better tariff concessions including for Malaysia's palm oil exports, and advance the timetable for reduction or elimination of tariffs, he said. Under the pact, the two countries will allow up to 100 percent foreign shareholding in more than 80 areas in health care, telecommunications, retail, environmental services and other areas, the Malaysian trade ministry said in a statement. It will also make it easier for engineers, accountants, technology experts and other professionals from both countries to gain temporary entry for contract work, it said.
