As India, ASEAN vowed to strengthen cooperation on their 25th anniversary of Dialogue Partnership, Prime Minister Narendra Modi pitched for Regional Comprehensive Economic Partnership (RCEP) for economic integration of the region.
RCEP is a proposed Free Trade Agreement (FTA) between the 10-member States of the Association of Southeast Asian Nations (ASEAN) — Brunei, Cambodia, Indonesia, laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam- and the six States - China, India, Japan, South Korea and New Zealand, Australia- with which ASEAN has existing free trade pacts.
"Our economic partnership remains dynamic and I urge ASEAN support for reaping the full benefits of the ASEAN-India Free Trade Area in goods, services and investment. The RCEP could further strengthen cooperation and economic integration in our region if we are able to achieve an inclusive, comprehensive, balanced and mutually beneficial agreement, with equal ambition in goods, services and investment," Modi said in his congratulatory message to Philippines President and Chair of the ASEAN for 2017, Rodrigo Roa Duterte.
The PM added that India's Rs Act East Policy' is a reflection of the importance it attaches to its strategic partnership with ASEAN. He reaffirmed India's desire to deepen its engagement with ASEAN, "so that it may scale new heights and constitute a defining partnership of our times."
In his message, President Duterte noted that ASEAN-India relations have contributed to the maintenance of peace, stability and prosperity in the region, and that ASEAN looked forward to further invigorating trade and investment relations with India. Duterte also expressed special appreciation for India's commitment of a $1 billion line of credit for connectivity with ASEAN as well as for undertaking initiatives for narrowing the development gap within ASEAN.
While Modi exchanged the message with President Duterte, External Affairs Minister Sushma Swaraj did it with le luong Minh, ASEAN Secretary-General on the occasion, the Ministry of External Affairs said.
It was on 28 January 1992 at the 4th ASEAN Summit in Singapore that a decision to establish a Sectoral Dialogue Partnership between ASEAN and India was made. "Since then, the relationship has progressed from strength to strength, with the two sides becoming full dialogue partners in 1996, Summit partners in 2002 and Strategic Partners in 2012," MEA said in a statement.
A series of events have been planned through the year to reflect the commemorative year's theme of "Shared Values, Common Destiny," which aptly reflects the close cultural and civilizational links that India and South East Asia have enjoyed over two millennia. Elucidating the same, EAM in her message stated that the celebrations would span the political, economic, cultural and people-to-people domains and would include a special Commemorative Summit and a Commemorative Foreign Ministers' Meeting in India. In addition, a Youth Summit, a Business Summit, CEOs Forum, Regional Indian Diaspora Meet, car rally, sailing expedition, conferences, public competitions and cultural festivals are also planned in India as well as ASEAN countries.
There are 30 dialogue mechanisms between India and ASEAN, including a Summit and seven Ministerial meetings in various sectors including Foreign Affairs, Commerce, Tourism, Agriculture, Environment, Renewable Energy and Telecommunications.
India and ASEAN share deep economic ties. ASEAN is India's 4th largest trading partner, accounting for 10.2% of India's total trade while India is ASEAN's 7th largest trading partner.
Investment flows are also robust both ways, with Singapore being the principal hub for both inward and outward investment. ASEAN countries are an important market for the Make in India campaign.