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India’s ASEAN Engagement, India seeks to modernize the ASEAN India Trade…
India’s ASEAN Engagement
About ASEAN
Objective: Foster political, economic, and regional stability.
Member Countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam.
Key Areas of Cooperation: Economic integration, political & security cooperation, social & cultural exchanges.
Established in 1967.
Evolution of India
-ASEAN Relations
1990s-2010s: 'Look East Policy' initiates full dialogue partnership.
1960s-80s: India's distant stance due to internal issues.
2010s-Present: 'Act East Policy' elevates to Strategic Partnership.
1950s-60s: India supports Southeast Asian decolonization.
Key Areas
of Cooperation
Science & Technology: ASEAN-India S&T Development Fund supports research.
Strategic: ASEAN Post Ministerial Conference facilitates dialogue.
Business & Investment: $117.88 billion ASEAN FDI in India.
Defense: Enhanced arms sales, defense cooperation.
Economic: India-ASEAN Free Trade Agreement (AIFTA), $98.39 billion trade.
Connectivity: Projects like the Trilateral Highway, Kaladan Project boost regional ties.
About ASEAN-India Trade in
Goods Agreement (AITGA)
Aims for gradual reduction and eventual elimination of tariffs.
Objectives: Eliminate tariffs and liberalize trade in goods, fostering economic integration between ASEAN and India.
Represents a crucial step towards broader regional economic integration.
Signing Date: August 13, 2009; effective from January 1, 2010.
Challenges
Connectivity: Slow progress in infrastructure projects.
Strategic: Concerns over ASEAN countries' engagement with China.
Political: Differences in political systems and human rights issues.
Economic: Trade imbalance and Free Trade Agreement (FTA) issues.
Way Forward
Play a more prominent role in the region to address geopolitical challenges.
Expedite infrastructure projects for better connectivity.
Establish dedicated departments to facilitate cooperation with ASEAN.
Strengthen economic ties by focusing on the blue economy and sustainable development.
India seeks to modernize the ASEAN India Trade in Goods Agreement (AITGA) to reduce the significant trade deficit with ASEAN nations in February 2023 with a target to complete the revamp by 2025.