Acting East Works: India-ASEAN Trade Grew By 10 Per Cent To $72 Billion In Fiscal Year 2017

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.