NEW DELHI (Oct 2, 2012): India’s trade and economic links with Asean, particularly with the major economies of Singapore, Malaysia, Indonesia, Thailand and Vietnam, has seen rapid growth.
The republic’s Minister of State (Independent Charge) for Development of North Eastern Region, Paban Singh Ghatowar, said total trade between India and Asean grew to US$57.89 billion in 2010-2011, up from US$21.29 billion recorded in 2005-2006 and registered a compound annual growth rate (CAGR) of 22.14 per cent.
“This is where the integration of the North Eastern Region (NER) of India with Southeast Asia is significant,” he said at the 158th annual general meeting of the Bengal Chamber of Commerce & Industry Kolkata.
Paban was hopeful the existing strong economic links between India and Asean would expand further.
India and Asean signed an agreement on trade in goods which came into effect on Jan 1, 2011.
New Delhi and the 10-member grouping are also pushing for an early conclusion of a bilateral free trade agreement in services and investment.
India and Asean will mark their two-decade relations at the India-Asean Commemorative Summit in Delhi this December. – Bernama