Insta
Acting East Works: India-ASEAN Trade Grew By 10 Per Cent To $72 Billion In Fiscal Year 2017
Swarajya Staff
Jan 26, 2018, 10:18 AM | Updated 10:18 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Two-way trade between India and ten member countries of the Association of Southeast Asian Nations (ASEAN) grew by 10 per cent to reach $71.6 billion in 2016-17 from $65.1 billion in 2015-16, the Times of India has reported.
In comparison, trade between ASEAN and China stood at $452.31 billion in 2016. China’s exports to the region alone totalled $256 billion.
According to the daily’s report, the potential for growth in trade between India and ASEAN countries remains high and is expected to grow further as India’s engagement with the region grows. The region has a population of 664 million and a combined gross domestic product of $2.7 billion.
Leaders from the ten ASEAN nations - Thailand, Vietnam, Indonesia, Malaysia, the Philippines, Singapore, Myanmar, Cambodia, Laos and Brunei - are in India to be a part of the Republic Day celebrations today. Prime Minister Narendra Modi met the leaders in a special summit on Thursday. The event marked 25 years of India's ties with ASEAN. Under Modi, India has changed its 'Look East' policy to 'Act East' policy.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.