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INDIA: India and ASEAN are exploring ways to expand trade relations amidst the economic crisis. This was discussed at the inaugural Delhi Dialogue on Wednesday.
Trade between India and the ASEAN has gone up to nearly US$37 billion over the last 10 years.
With the signing of the ASEAN-India Free Trade Agreement next month, bilateral trade is expected to reach US$50 billion.
India, which is keen on a pact with ASEAN in the services sector, is hoping to boost its services like banking, information technology, telecom, education and tourism.
Pranab Mukherjee, External Affairs Minister, India, said: "We are participating actively in the initiative for ASEAN integration to breach intra-ASEAN development gaps. We are focusing on collaborating in vital areas such as healthcare, disaster management, research and development, and technological development."
Asia has seven of the 10 most populous countries of the world.
With a combined population of ASEAN and India at 1.7 billion, co-operation in enhancing regional security could also give a boost to sustainable economic growth in the region.
Dr Surin Pitsuwan, Secretary General, ASEAN, said: "We in Southeast Asia, ASEAN, look towards India for better co-operation in the field of economic relationship. And in that field, certainly, we need many other elements that would ensure stability, continuity and security. That we can depend on each other for its construction and our beneficial relationship into the future."
An open market policy in ASEAN could also help to alleviate the impact of the global financial crisis.
The unified market, which is planned for 2015, would allow for the free flow of goods, services, investment and skilled professionals among the member countries. Setting up of a regional fund is also on the cards.
Asia holds the bulk of world's savings and has one of the highest saving rates internationally.
With a combined GDP of Southeast Asian countries and India at US$2.4 trillion, the plan to set up a regional fund to develop financial stability can not only boost trade but also buffer the Asian economies from the global financial crisis. - CNA/vm
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