January 28, 2017 1:23 PM

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PM urges ASEAN for reaping benefits of ASEAN-India Free Trade Area

Prime Minister Narendra Modi has urged Association of Southeast Asian Nations, ASEAN, for its support for reaping the full benefits of the ASEAN-India Free Trade Area in Goods, Services and Investment, which has been in place since July 2015.<br/><br/> In his message to President of the Philippines Rodrigo Roa Duterte on the occasion of 25th anniversary of the ASEAN-India Dialogue Partnership, Mr Modi observed that the Act East Policy is a reflection of the importance India attach to the strategic partnership with ASEAN. He reaffirmed India's desire to deepen its engagement with ASEAN so that it may scale new heights and constitute a defining partnership of the times. It was on 28 January 1992 at the 4th ASEAN Summit in Singapore that a decision to establish a Sectoral Dialogue Partnership between ASEAN and India was made.<br/><br/>To mark the occasion, congratulatory messages were exchanged today between Prime Minister Modi and President of the Philippines and ASEAN Chair for 2017 Rodrigo Roa Duterte. <br/><br/>Currently, there are 30 dialogue mechanisms between India and ASEAN, including a Summit and seven Ministerial meetings in a wide range of sectors such as Foreign Affairs, Commerce, Tourism, Agriculture, Environment, Renewable Energy and Telecommunications.<br/><br/>ASEAN is India's 4th largest trading partner, accounting for 10.2 per cent of India's total trade. India is ASEAN's 7th largest trading partner. Investment flows are also robust both ways, with Singapore being the principal hub for both inward and outward investment.<br/><br/>President Duterte in his message praised the ground- breaking initiatives taken by India across the political-security, economic and socio-cultural pillars of the ASEAN-India strategic partnership for mutual benefit. He noted that ASEAN-India relations have contributed to the maintenance of peace, stability and prosperity in the region. He expressed special appreciation for India's commitment of a one billion dollars line of credit for connectivity with ASEAN.

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