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27/01/2018 02:24pm

ASEAN - India Commemorative Summit commits promotion of stable growth for MSME sector

image ASEAN - India Commemorative Summit commits promotion of stable growth for MSME sector

New Delhi, Jan 27 (KNN) The visiting State Heads from the ASEAN nations on the Republic Day eve to India renewed their commitment towards ensuring growth to the Micro, Small and Medium Enterprises (MSMEs) as a part of the ASEAN India Commemorative Summit declaration.

According to the declaration, promotion of stable and sustainable growth for Micro, Small and Medium Enterprises (MSMEs), including through technology transfer, as well as enhancing capacity building, technical assistance, access to innovation and opportunities to integrate into the global and regional value chains were agreed upon, an official release said.

The State Heads also deliberated upon strengthening trade ties, and both India and ASEAN agreed to target a swift conclusion to the comprehensive and mutually beneficial Regional Comprehensive Economic Partnership (RCEP) in 2018.

Also the participating heads renewed their commitment to enhance physical and digital connectivity in line with the Master Plan on ASEAN Connectivity 2025 and the ASEAN ICT Masterplan (AIM) 2020 by availing the $1-billion line of credit announced by India.

Further, the leaders also announced that India and ASEAN will put in efforts to help realise early completion of the India-Myanmar-Thailand Trilateral Highway Project.

Also as an extended plan, the project would aim to extend the Trilateral Highway to Cambodia, Lao PDR and Vietnam.

Both sides will work to “further strengthen ASEAN-India economic relations, including through the full utilisation and effective implementation of the ASEAN-India Free Trade Area, and intensify efforts in 2018 toward the swift conclusion of a modern, comprehensive, high quality, and mutually beneficial Regional Comprehensive Economic Partnership (RCEP),” the Delhi declaration said.

The Association of Southeast Asian Nations (ASEAN) was formed as a regional intergovernmental organization comprising of ten Southeast Asian nations including Thailand, Indonesia , Vietnam , Philippines, Malaysia, Singapore , Myanmar, Cambodia, Laos and Brunei. (WIth PIB Inputs) (KNN/ DA)

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