India-ASEAN summit a historical milestone

Friday, 18 October 2002, 19:30 IST
Printer Print Email Email
NEW DELHI: Thai Deputy Prime Minister Promin Lertsuridej Thursday said the first summit between India and the Association of South-East Asian Nations (ASEAN) next month was a "historic milestone" that "manifests the faith and confidence that both sides have in the enormous potential" of enhanced ties. Lertsuridej, here to attend the first business summit between India and ASEAN before the summit at Phnom Penh in Cambodia, said ASEAN-India cooperation was only one facet of India's relations with Southeast Asia. He said the Bimstec (Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation) was an example of cooperation among countries bordering on the Bay of Bengal. The Mekong Ganga Cooperation is another example of a link between India and mainland Southeast Asia. "India's success of harnessing the full potential of cutting edge information technology has greatly benefited its people and will be a major driving force for the next century for India, ASEAN and the world," he said in his address. "We can build new investments and diversify together by learning and leapfrog the mistakes of the past together. "Bearing in mind that the potential of a combined market size of 1.5 billion people in India and ASEAN is yet to be tapped to the optimum, the future of ASEAN-India cooperation is limitless." Lertsuridej said the need was to streamline and improve intra-India-ASEAN trade. He said air services between India and ASEAN should be improved in response to demands. "We need to review, improve and harmonize travel-related regulations and restrictions on both sides for the benefit of our business travels. Tourism industries will also benefit in this effort." The other areas of cooperation he identified were science and technology, and sourcing of capital and financing as alternatives to foreign exchange reserves. "The lessons from the past Asian financial crisis have taught us the need for a check and balance between domestic and external demands especially to reduce dependence on rapid external capital flows... that destabilize our economies without rhyme or reason." He said expanding India-ASEAN trade would ensure "greater benefits to our economy and our peoples. It will also promote flexibility, dynamism, prosperity and competitiveness of the Asia-Pacific region as a whole". Lertsuridej said this was a "truly win-win opportunity that we must not overlook. Moreover, with complementary synergies and common traditions, we can leapfrog into the forefront of new technologies and become more competitive". Ministers from Cambodia, Laos, Malaysia, Singapore and Vietnam are also attending the meeting. The annual trade between India and ASEAN is less than $10 billion.
Source: IANS
siliconindia