India-ASEAN Summit, 2019

PM Modi attended the 16th India-ASEAN summit held at Bangkok. The current ASEAN summit is being held in Bangkok, Thailand and the next ASEAN summit is to be conducted in Vietnam in 2020.

Highlights

• India has allocated 1 billion USD as line of credit to improve physical and digital connectivity.
• India highlighted that the India-ASEAN summit, 2018 and Singapore informal summit has brought India and ASEAN closer
• India looks forward for cooperation in the areas of engineering, agriculture, science and ICT.
• India has also expressed its readiness to improve its partnership and capacity building in areas of research, agriculture, engineering, science and ICT.
• India also highlighted that it is looking forward to strengthen cooperation in the areas of blue economy and maritime security
• India believes that Act East Policy is a significant cornerstone of the Indo-Pacific Strategy

Significance of ASEAN for India

• ASEAN comprises of Singapore, Malaysia, Philippines, Indonesia, Thailand, Cambodia, Brunei, Myanmar, Lao PDR and Vietnam.
• ASEAN is India’s fourth largest trading partner. India’s trade with ASEAN stands at 81.33 billion USD.
• FDI inflows from ASEAN between 2000 and 2018 into the country has been 68.91 billion USD. The FDI outflows from India to the countries have been 38. 672 billion USD.

Month: Current Affairs - November, 2019