India supports enhanced trade and investment with Asean
India supports enhanced trade and investment with Asean
India is continuing to consolidate mutually beneficial economic engagement to support enhanced trade and investment with Asean countries, according to the Indian Ministry of Commerce and Industry.
Asean-India total merchandise trade in 2015 reached US$58.7 billion accounting for 2.6 percent of Asean's total trade placing India as Asean's sixth largest trading partner. Foreign Direct Investment (FDI) flows from India to Asean amounted to US$1.3 billion, placing India as Asean's eighth largest source of FDI.
This was according to a Ministry of Commerce and Industry of India press release which was distributed during the recent Asean India Business Council (AIBC) meeting in Vientiane, which represents the voice of industry in India and Asean.
Meanwhile, India ranked as the 12th largest foreign investor in Laos in 2014 with its total investments amounting to more than US$163.7 million, according to the Lao Ministry of Planning and Investment.
As Asean-India trade relations have grown, investment flows between the two sides over the years have strengthened and expanded to encompass common interests in economic relations.
After having a consultative meeting last month in New Delhi the two sides have set recommendations aimed to strengthen economic ties and smooth business between Asean and India.
They also facilitated a consultative process to address the issues that stand in the way of deepening economic engagement.
India commended the establishment of the Asean Economic Community in 2015 as a major milestone in regional economic integration.
It also welcomed the new AEC Blueprint 2025, which envisages an AEC by 2025 that is highly integrated and cohesive, competitive, innovative, and dynamic, with enhanced connectivity integrated with the global economy.
During AIBC, economic ministers reiterated the importance of the implementation of Asean-India trade in services and investment agreements to further contribute towards elevating the two sides' relations to a strategic partnership.
The AIBC also reaffirmed its commitment to further strengthen Asean-India economic cooperation with a view to address to enhance trade and industry activities on both sides.
