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Last Updated:[14-10-2013 00:42:22 EDT] Zoom in Zoom out Back to Tradenews

The Indo-ASEAN Bond grows stronger in 2013

tradenews The Association of Southeast Asian Nations (ASEAN) is looking upto India as a major economic partner, seeing that the latter has kept to its commitment to generate $100 billion worth of trade between the Asian Giant and ASEAN by 2015. This heartening revelation comes after the initial analysis of the ‘ASEAN-India Partnership for Peace, Progress and Shared Prosperity (2010-15)’ action plan- a step towards strengthening trade in the South East Asian block.

The ASEAN members- Brunei, Cambodia, Indonesia, Myanmar, Singapore, Thailand, Philippines and Vietnam, initially concerned about the low volume of trade and investment between ASEAN and India, can take heart from the improving numbers. Though the current trade stats still pale when compared to ASEAN’s other dialogue partners, the remarkable progress and commitment invested by India towards this pact in the past three years, signals India’s seriousness to make this work to the maximum benefit of both ASEAN and itself.

The trade relationship between India and ASEAN expanded at the rate of 4.6%, from $ 68.4 billion in 2011 to $ 71.6 billion in 2012. In 2012, ASEAN’s exports to India were in the tune of $ 43.84 billion while its imports from India amounted to $ 27.72 billion. By 2015, the two factions hope to achieve the ambitious mark of $ 100 billion in exports and imports.

ASEAN is hosting its summit in Brunei this year between October 9-10 and Indian Premier Manmohan Singh is expected to be a key figure in the proceedings. Mr. Singh is committed to establishing a separate mission for ASEAN with a full time ambassador, based out of Jakarta wherein the ASEAN secretariat is also located. The delegates are encouraged and happy by the kind of co-operation and responsiveness seen as part of this critical pact- impacting important verticals such as political security, economics and socio-cultural cooperation, as highlighted by a number of bilateral activities and collaborative projects. Truly, the future looks very encouraging for the Indo-ASEAN combine.

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