Minister of State for Commerce & Industry C R Chaudhary on Friday said that India’s trade relationship with ASEAN is a key pillar of its regional policy and the foundation of its Act East Policy.

The relationship between India and ASEAN has been further reinforced by increase in trade in goods and services and investment agreements, the minister added.

Addressing a plenary session during the 4th India ASEAN Expo and Summit 2019 in New Delhi, CR Chaudhary said that India accords high priority to its economic and trade ties with ASEAN and it has yielded rich dividends over the years. 

India-ASEAN bilateral trade increased to USD 81.3 billion in 2017–18 from USD 56.2 billion in 2010–11 registering a growth of 16.04%.

He said that India and ASEAN have enhanced their bilateral trade target to USD 200 billion and to achieve this targetremoving tariff is very crucial.

MoS Commerce and Industry further said India and ASEAN have emerged as economically strong region growing at steady pace despite global slowdowns.

He said India’s economy is forecast to expand by 7.5 per cent during the 2019-20 and remain the fastest growing major economy in a world of slowing growth. ASEAN economy is expected to grow at 4.7% in 2019.

He said India and ASEAN with over USD 5 trillion combined economy present innumerable opportunities in multiple sectors for investors across the globe.

C R Chaudhary informed that India is exporter of software services and is also becoming a medical tourist destination because of high quality and affordable medical services.

The Minister said that Government of India has identified 12 champion' services sectors, including IT, tourism and hospitality, for realizing their potential.