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.

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