India Set To Deepen Engagement And Strengthen Ties With Indo-ASEAN-Oceanic Region

According to Hardeep Singh Puri, Hon'ble Minister of State (Independent Charge) of Housing and Urban Affairs; Minister of State (Independent Charge) of Civil Aviation and Minister of State for Commerce and Industry, Government of India, India was seeking to deepen and strengthen its ties with the Indo-ASEAN-Oceanic region (IAOR). The Minister was speaking at the Inaugural Session of the Indo ASEAN Oceanic Business Summit & Expo: Collaborating for Regional Economic Development which was organised by the Confederation of Indian Industry (CII).

The Minister stated that digital technologies such as E-commerce, Fintech, Artificial Intelligence, Blockchain etc. held the maximum promise for collaboration between India and the countries in the IAOR region. He mentioned that a review of the ASEAN - India Free Trade Agreement was still pending. Once completed, he felt that it would have the potential to double trade between India and ASEAN. In the aviation sector itself, he stated that the Government was moving ahead with the privatisation of airports and this presented a huge opportunity for countries from the IAOR region. He also mentioned that the MRO (Maintenance, Repair and Overhaul) sector had also been opened up and that would also present a major opportunity for collaboration. As far as India was concerned, the Minister stated that he had faith in Indian Industry and expected that they would bounce back to normal once a vaccine for Covid - 19 was found.

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