PM underlines need to review ASEAN-India FTA in a time bound manner
The India-ASEAN trade has doubled to over US$130 billion in the last 10 years, making the regional bloc one of the country’s largest trade and investment partners, noted Prime Minister Narendra Modi as he participated in the 21st ASEAN-India Summit in Vientiane on 10 Oct.
As the meeting marked a decade of India’s Act East Policy, the Prime Minister joined ASEAN leaders to review the progress of ASEAN-India Comprehensive Strategic Partnership as well as chartered the future direction of cooperation.
He listed the progress of having direct flight connectivity established with seven ASEAN countries; promising beginning made with Fin-tech collaboration with the region; and significant progress made in restoration of shared cultural heritage in five ASEAN countries.
The PM underlined the need to complete the review of ASEAN-India FTA (AITIGA) in a time bound manner towards harnessing greater economic potential for the benefit of the ASEAN-India community.
PM Modi also spoke about the progress in India-ASEAN knowledge partnership through the scholarships provided to ASEAN youth at the Nalanda University.
In his address, PM reiterated India’s support for ASEAN Unity, ASEAN Centrality and ASEAN Outlook on the Indo-Pacific. Calling the 21st century as the Asian century, he noted that India-ASEAN ties were critical to guiding Asia’s future.
In keeping with the Chair’s theme of “Enhancing Connectivity and Resilience”, PM announced a 10-point plan which includes:
i) Celebrating the year 2025 as ASEAN-India Year of Tourism for which India would make available US$5 million towards joint activities;
ii) To celebrate a decade of Act East Policy through several people centric activities including Youth Summit, Start-up Festival, Hackathon, Music Festival, ASEAN-India Network of Think Tanks and Delhi Dialogue;
iii) To organise ASEAN-India Women Scientists Conclave under ASEAN-India Science and Technology Development Fund;
iv) Doubling the number of scholarships at Nalanda University and provision of new scholarships for ASEAN students at Agricultural Universities in India;
v) Review of ASEAN-India Trade in Goods Agreement by 2025;
vi) Enhancing Disaster Resilience for which India would make available US$5 million;
vii) Initiate a new Health Ministers’ track towards building Health Resilience;
viii) Initiate a regular mechanism of ASEAN-India Cyber Policy Dialogue towards strengthening Digital and Cyber Resilience;
ix) Workshop on Green Hydrogen; and
x) Invited ASEAN Leaders to join ‘Plant a Tree for Mother’ campaign towards building climate resilience.
In the meeting, Leaders agreed to create a new ASEAN-India Plan of Action (2026-2030) that will guide both sides in realizing the full potential of the ASEAN-India partnership and adopted Two Joint Statements:
i) Joint Statement on Strengthening ASEAN-India Comprehensive Strategic Partnership for Peace, Stability and Prosperity in the Region in the context of the ASEAN Outlook on the Indo-Pacific (AOIP) with the Support of India’s Act East Policy (AEP) – Leaders recognized the contribution of India’s Act East Policy in advancing the partnership between ASEAN and India. Full text of the Joint Statement can be accessed here.
ii) ASEAN-India Joint Statement on Advancing Digital Transformation Leaders appreciated India’s leadership in the field of digital transformation and welcomed partnership with India in digital public infrastructure. Fiinews.com
