The Association of Southeast Asian Nations (ASEAN) and India have long been important players in the global economy, with both regions demonstrating remarkable growth and development over the past few decades. Recently, there has been an increase in efforts to promote partnership between ASEAN and India, with both sides recognizing the potential benefits of closer collaboration. In this article, we will explore the various ways in which ASEAN and India are working to strengthen their ties and capitalize on the shared opportunities that exist between them. From trade and investment to cultural exchange and people-to-people connections, there is much to gain from a deeper partnership between these two regions.
Partnership and Cooperation between ASEAN and India Strengthened in Trade After Three Decades of Establishment
After three decades of establishment, the partnership and cooperation between ASEAN and India have been increasingly consolidated, especially in trade. The two-way trade between India and ASEAN hit USD 133 billion last year, higher than that between India and other partners such as the European Union, the United States, and China. In 2022 alone, ASEAN became India’s largest trade partner. These figures were disclosed by Indian Ambassador to ASEAN Jayant N. Khobragade during a banquet held in Jakarta to celebrate India-Asean Friendship Year on March 14.
During the same event, Mr. Khobragade stated that the India-Asean partnership has been promoted through various activities over the past years such as the youth, music, start-up, and innovation festivals, and media exchanges. Such platforms were established to enable ASEAN youth communities to increase interaction and to deepen the spirit of ASEAN as well as Asean-India friendship.
ASEAN Secretary-General Kao Kim Hourn also commented that in recent years, ASEAN and India have successfully organised a number of useful cooperation activities in various fields such as the Asean-India Startup Festival 2020. He believes that these efforts are evidence of the three decades of effective, mutually beneficial, multi-dimensional cooperation supported by strong trade as well as social, cultural, and political relations between the two sides.
This positive development in trade relations between ASEAN and India has been fueled by multiple factors. For one, the growing population and economic development of ASEAN member countries have increased their demand for goods and services. India has been successful in tapping into these markets and has facilitated trade by reducing tariffs, initiating product quality audits, and enhancing logistics infrastructure.
In addition, both ASEAN and India have made efforts to strengthen bilateral cooperation. They have initiated negotiations towards a Regional Comprehensive Economic Partnership (RCEP), which aims to enhance regional economic integration and facilitate trade in goods and services, investment, and intellectual property. The RCEP includes ten member states from ASEAN and six partner countries – Australia, China, India, Japan, New Zealand, and South Korea.
Furthermore, ASEAN and India have collaborated on capacity building and technical assistance programs. These initiatives aim to enhance the ability of ASEAN member states to participate in the global economy and to implement international standards and regulations effectively.
In conclusion, the partnership and cooperation between ASEAN and India have been consolidated through trade relations, socio-cultural exchanges, and political consultations. As these two powers continue to foster their relationship, they will bring mutual benefits by creating synergy in the Southeast Asian region and setting a favorable foundation for future economic developments. The ASEAN-India partnership is indeed an excellent example of how regions can cooperate for mutual gain, while contributing to regional and global peace, stability, and prosperity.
