Indian and the Association of South East Asian Nations (ASEAN) on Thursday agreed to promote their corporation on Free Trade Agreement in services and investment to a strategic level.

Prime Minister Manmohan Singh welcomed the development at the ASEAN India Commemorative Summit, saying he was buoyed by the consensus of the countries on the significance of this relationship.

E. Ahamed, Minister of Sate for External Affairs also praised the development saying, "It's not only a culmination of 20 years of Indo-Asean summit, but it is a celebration of 5,000 years of historical, civilisational links between our countries."

Though all countries confirmed their commitment to elevate the partnership yet it is yet be signed.

The partnership on FTA in services and investment will provide Indian doctors and engineers with huge opportunities in ASEAN countries.

The FTA in goods have seen a 40 per cent increase in 2012, which clearly shows growing commercial links between the countries.

India's trade hit $75 billion in 2012, surpassing the Government's target of $70 billion. The Prime Minister said that they would now set the target at $100 billion to be achieved by 2015.