Connectivity and trade infrastructure will boost ASEAN-India relations: External Affairs Secy
Updated: Oct 28, 2015 12:47:43pm
New Delhi, Oct 28 (KNN) Though ASEAN-India relations is very strong currently, connectivity and trade infrastructure are the key factors that can further boost the relations, said Secretary (East), Ministry of External Affairs, Anil Wadhwa.
He was addressing the Roundtable on ‘ASEAN - India: Integration for Development’ jointly organised by the CII, the Ministry of External Affairs and the ASEAN – India Centre (AIC) at the Research and Information System for Developing Countries (RIS) her on Tuesday.
The exclusive session was a curtain raiser to the ASEAN-India Summit to be held during November 21 to 23, 2015.
Wadhwa stated that while ASEAN emerged as a successful example of regional integration, ASEAN-India relationship has moved far ahead.
The ASEAN-India Free Trade Agreement (FTA) in goods signed in 2009 has deepened trade. During the year 2014-15, ASEAN-India trade stood at USD 76.58 billion, up from USD 44 billion during the year 2009-10. India is concluding FTAs in services and investment, he said.
The Secretary (East) added that there is still huge potential to boost the economic tie.
“Singapore is the India’s largest investment partner. It is good in transport, innovation, etc. Malaysia and Thailand are good in logistics and other sectors. India can collaborate with these countries,” said Wadhwa.
He also cautioned that both ASEAN and India needs to fasten domestic reforms for the Trans-Pacific Partnership (TPP). More business fair, seminars and activities should be organised to engage and promote business.
"Non-Tariff Measures (NTMs)” also need to be addressed. We are two years away from another historic milestone in our relationship. We will be celebrating 25 years of ASEAN-India Dialogue Relations and 15 years of Summit level interaction in 2017,” he said.
Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, Ravi Capoor said TPP – conglomeration of 12 countries which have nothing to do with geography is a reality now.
The Regional Comprehensive Economic Partnership (RCEP) which has half of world population and controls 40% of global trade is also good for India in long run, he said.
Capoor added that utilization of ASEAN FTAs in goods has only been 17 per cent because the exporters who are mostly SMEs are not educated enough to know how to take advantage of the FTAs.
Chairman, RIS and AIC, Shyam Saran stated that ASEAN is important for not only economic relations but also for overall development for East Asia.
“We have travelled a long way. Sometimes, there has been sense of disappointments from both sides. Our expectations were too high. But important thing is to keep things in perspective,” he said.
The Secretary (East) released the ASEAN-India Development and Cooperation Report 2015 which highlighted the challenges and opportunities to strengthen ASEAN-India relations and how to exploit them. (KNN Bureau)
He was addressing the Roundtable on ‘ASEAN - India: Integration for Development’ jointly organised by the CII, the Ministry of External Affairs and the ASEAN – India Centre (AIC) at the Research and Information System for Developing Countries (RIS) her on Tuesday.
The exclusive session was a curtain raiser to the ASEAN-India Summit to be held during November 21 to 23, 2015.
Wadhwa stated that while ASEAN emerged as a successful example of regional integration, ASEAN-India relationship has moved far ahead.
The ASEAN-India Free Trade Agreement (FTA) in goods signed in 2009 has deepened trade. During the year 2014-15, ASEAN-India trade stood at USD 76.58 billion, up from USD 44 billion during the year 2009-10. India is concluding FTAs in services and investment, he said.
The Secretary (East) added that there is still huge potential to boost the economic tie.
“Singapore is the India’s largest investment partner. It is good in transport, innovation, etc. Malaysia and Thailand are good in logistics and other sectors. India can collaborate with these countries,” said Wadhwa.
He also cautioned that both ASEAN and India needs to fasten domestic reforms for the Trans-Pacific Partnership (TPP). More business fair, seminars and activities should be organised to engage and promote business.
"Non-Tariff Measures (NTMs)” also need to be addressed. We are two years away from another historic milestone in our relationship. We will be celebrating 25 years of ASEAN-India Dialogue Relations and 15 years of Summit level interaction in 2017,” he said.
Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, Ravi Capoor said TPP – conglomeration of 12 countries which have nothing to do with geography is a reality now.
The Regional Comprehensive Economic Partnership (RCEP) which has half of world population and controls 40% of global trade is also good for India in long run, he said.
Capoor added that utilization of ASEAN FTAs in goods has only been 17 per cent because the exporters who are mostly SMEs are not educated enough to know how to take advantage of the FTAs.
Chairman, RIS and AIC, Shyam Saran stated that ASEAN is important for not only economic relations but also for overall development for East Asia.
“We have travelled a long way. Sometimes, there has been sense of disappointments from both sides. Our expectations were too high. But important thing is to keep things in perspective,” he said.
The Secretary (East) released the ASEAN-India Development and Cooperation Report 2015 which highlighted the challenges and opportunities to strengthen ASEAN-India relations and how to exploit them. (KNN Bureau)
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