The agreement aims at enhancing the cooperation on investment, trade and economics between the Association of Southeast Asian Nations (ASEAN) and India, Kong Vibol, Secretary of State at the Ministry of Economy and Finance was quoted by China’s Xinhua News Agency as saying.

The key elements of the agreement cover the Free Trade Area in goods, services and investment, as well as areas of economic cooperation, said the Secretary of State.

Also on December 28, the Cambodian parliament passed the agreements on goods and on dispute resolution mechanism under the framework agreement of comprehensive economic cooperation between ASEAN and India.

Kong Vibol said that bilateral trade between Cambodia and India remained modest. Cambodia's exports to India include palm oil, grain oil and garments, while India's exports to Cambodia are mostly pharmaceuticals and textile accessories.

The framework agreement on comprehensive economic cooperation between ASEAN and India was signed by the Prime Minster of India and the Heads of the Governments of ASEAN members during the Second ASEAN-India Summit on October 8, 2003, in Bali, Indonesia.

ASEAN now consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.