India's share in business with ASEAN jumped from $6.93 billion in 2001-02 to $39.40 billion in 2007-08.

The FTA will eliminate import tariffs on around 4,000 items.

The final agreement is all set to be inked at the forthcoming meeting of ASEAN in November and will be implemented from Jan 1 next year.

However, Chandy said the prime minister has assured that of the total 489 items in the negative list, 303 items are from the agriculture sector.

According to the agreement, India will have the right to decide the tariff on the items in the negative list for 10 years.

The Congress leader also said the opposition in the state would set up an expert committee to study the agreement and its impact on the agriculture sector.