Industry lobbies in India welcomed the agreement. The Federation of Indian Chambers of Commerce and Industry (FICCI) expected it to open up new market opportunities for Indian businesses with zero-tariff on 80 percent of ASEAN imports within four years.

The Confederation of Indian Industry (CII) said the agreement will give India access to a $1-trillion ASEAN economy, while the Associated Chambers of Commerce and Industry of India (Assocham) said it would push two-way trade to over $60 billion shortly.

The ASEAN comprises Indonesia, Malaysia, the Philippines, Singapore, Thailand, Cambodia, Laos, Myanmar, Vietnam and Brunei. In 2007, these countries exported merchandise goods worth $864.4 billion while the value of imports amounted to $774.05 billion.