India And ASEAN To Play Significant Role In New Emerging World Economic Order

Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, inaugurated the 4th India-ASEAN Expo and Summit 2019 in New Delhi yesterday. Addressing the inaugural session, Suresh Prabhu reaffirmed India's commitment to the path of mutual progress and prosperity and said that terrorism knows no boundaries; it needs to be addressed through collective reaffirment towards promoting regional peace, stability and development. In this fight against terrorism and mindless violence, events like India ASEAN Expo and Summit acquire a unique significance, as it epitomizes our faith and commitment towards a path of shared prosperity, progress and peace.

The Commerce Minister recalled the participation of ASEAN ministers during the ASEAN-India Business and Investment Meet and Expo 2018 organized on the side-lines of the ASEAN-India Commemorative Summit in New Delhi in January, 2018 and said that it provided us the much needed opportunity to engage on promotion of trade and investment collaborations. He also recalled the informal Mini Ministerial of WTO hosted by India in 2018 which was attended by 52 countries, including many ASEAN partners. Suresh Prabhu said that the core idea behind organizing this 4th India -ASEAN Expo and Summit is to build upon the success of the previous events and carry forward the momentum of the relationship built up over the years. He said that this Summit is a testimony of India's dedicated efforts towards Act East policy.

India and ASEAN represent fast moving economies. The global headwinds have caused a softening of the global growth from 3.1% in 2018 to 3.0 % in 2019. According to the recently published United Nations' World Economic Situation and Prospects Report 2019, India and ASEAN are set to outpace the global growth. India continues to be the fastest growing major economy and is expected to grow at 7.2% in 2019 and ASEAN at 5.2%, with many economies within ASEAN with a growth of more than 6%. Cambodia, Laos, Myanmar and Vietnam (CLMV) countries in ASEAN are also on a higher growth trajectory. This is indeed a manifestation of the new emerging world economic order, wherein India and ASEAN have a significant place.

The Commerce Minister said trade is a buckle that binds India and ASEAN together and India's vision of trade is not limited to exchange of goods and services. He asserted that India believes in trade that brings about mutual collaboration, promotes livelihood opportunities, brings in shared prosperity and binds us to a common future and a common destiny.

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