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India's integration with ASEAN crucial
Friday, 11 October 2002, 19:30 IST
NEW DELHI: India's integration with the Association of South-East Asian Nations (ASEAN) will make it a key player in Asia with easy access to the economic region, experts said at the India-ASEAN Business Dialogue in Malaysia.
"India's integration with ASEAN will help create her position in the Emerging Asia - the third largest economic hub worldwide," said J. N. Godrej, chairman of the Confederation of Indian Industry (CII) manufacturing council during a three-day meet in Kuala Lumpur that ended on Tuesday.
Speakers reportedly advocated India's admission into the ASEAN-Europe Meeting (ASEM).
ASEAN Secretary General Rodolfo C. Severino felt issues like the change of leadership in ASEAN countries and the economic reality of ASEAN Free Trade Area (AFTA) would impact on India-ASEAN relations.
Being part of an economic zone like ASEAN would mean better access to the regional market. Currently, India is not part of any regional economic zone.
Jointly organised by CII, World Economic Forum and Asian Strategy and Leadership Institute, the meet coincided with the East Asia Summit.
Based on a study, the CII felt, India's integration with ASEAN could be achieved through increased focus on manufacturing and removing trade barriers.
"An Indo-ASEAN bilateral investment treaty should be considered for facilitating ASEAN investment into India.
"Free trade agreements with countries like Singapore and Thailand should be entered into," said a CII statement.
"Despite ASEAN's current state of uncertainty, it is expected to emerge as a strong economic group with the largest economic space worldwide by 2010."
While Indo-ASEAN trade has grown significantly in recent years, India's share has risen marginally from 1.0 percent in 1995 to 1.28 percent in 1998.
The two-way trade in 1998 stood at $8.02 billion, which is 10.05 percent of India's total trade.
Source: IANS
Source: IANS