India re-shaping its economic ties with ASEAN

India re-shaping its economic ties with ASEAN
India is ready to set new economic ties with regional forum ASEAN as Prime Minister Manmohan Singh told the reporter on his visit to Bali, Indonesia. Mr. Singh addressed a seminar before leaving to islands territory and said that with rapid economic changes
occurring in the world India need to diversify it ties with ASEAN member countries.

He also said that, “Against the global economic background that we are in, it is all the more important that we give full play to flows of trade, investment, services and ideas among ourselves. Howsoever complex the task, we should persevere with the project
of East Asian economic integration and in our efforts towards a Comprehensive Economic Partnership in East Asia or CEPEA.”
Adding more to his arguments, Indian economist Prime Minister said that, “India is working actively to integrate with this region. We are in the process of finalizing a Comprehensive Economic Cooperation Agreement (CECA) with ASEAN. An agreement is already
in place with Singapore. We have commenced negotiations for a CECA with Indonesia, Australia and New Zealand."
Talking about the new emerging situation in the economic world and ongoing slump in the most part of the world, he said that, “However, the emerging market countries in Asia are growing well and are in fact contributing to the recovery of the world economy.

India is a part of this process. We have grown at an average of 8.4 percent in the past five years. Like other countries we too have slowed down in 2011, but we still expect to grow around 7.5 percent.”
Concluding his remarks over the role of ASEAN to bring close its members to coup with Eurozone crises, Singh said that, “However, none of us can prosper in isolation to the rest of the world. The most serious fault line at present is what is happening in Eurozone.
We should keep our focus on the development agenda, make sure our growth is environmentally sustainable, find new and renewable technologies to fuel our growth and invest in education and skill development.”

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Posted by Shahid Nazir on Nov 19 2011. Filed under Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry