The Indian government finalized a negative list for the Association of Southeast Asian Nations ( ASEAN)-India Free Trade Agreement (FTA) to protect its sensitive products and sectors while negotiating the FTA, Ministry of Commerce and Industry said here Monday.

Items in the negative list, also known as the Sensitive List, which mainly stresses on agriculture, will be exempt from tariff reductions.

Commerce Secretary S.N. Menon said that while finalizing the list, the sensitivity of domestic industry would have to be considered.

He said he was confident that longer time-frames would give comfort to the Indian industry.

The Framework Agreement on Comprehensive Economic Cooperation between India and ASEAN, signed on October 8, 2003, envisages a Free Trade Area (FTA) in goods, and conclusion of these negotiations by June, 2006.

Source: Xinhua