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With a combined market of nearly 1.8 billion people and a combined GDP of $3.8 trillion, the ASEAN-India Free Trade Area (FTA) and the ambitious Regional Comprehensive Economic Partnership (RCEP) — which would also include China, Japan, Korea, Australia and New Zealand — will redefine the global economic architecture. As it happens, the bilateral trade volume between India and the ASEAN surpassed the $70 bn target for 2012 with $80 bn in 2011. The new target of $100 bn by 2015 looks eminently achievable. The services and investments FTA will not only propel Asia into a robust manufacturing, services and investment club, it will also benefit India's services sector immensely, which accounts for almost 60 per cent of the GDP. This FTA will also protect investments to prevent a GMR-Male situation. Having said that, however, India's challenges have just got bigger, as the increase in tariff-free lines, for example, will demand more comprehensive reforms from India.