Are india and ASEAN concerned about China's growing power?
India and ASEAN share similar views on many issues and work together. Both india and ASEAN countries are concerned about China's behavior in the South china Sea. Therefore, maintaining security in the sea is important for both and both work together on this.
India believes that ASEAN countries have an important place in the Indo-Pacific region. Therefore, india is working with ASEAN countries to conduct naval exercises and enhance their capacity. Both India's 'Indo-Pacific Oceans Initiative' (IPOI) and ASEAN's 'Outlook on the Indo-Pacific' (AOIP) want that all countries should have freedom of movement in the sea and peace should be maintained in the region. India's 'SAGAR' (Security and Growth for All in the Region) doctrine also supports ASEAN's maritime objectives.
India-ASEAN: How much trade takes place?
The trade and economic relations between india and ASEAN are getting stronger. ASEAN is India's fourth largest trading partner. Trade between the two has increased significantly in the last ten years.
India and ASEAN have a free trade agreement which makes it easier to trade between the two. Work is underway to further improve this agreement so that there is no problem in trade and movement of goods is easy. Under India's 'Act east Policy', india wants to connect more deeply with ASEAN countries. For this, emphasis is being laid on wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital trade, use of new technologies and working together in the region.
India's UPI and Singapore's PayNow are now connected. This will make money transactions between the two countries quick and easy. Many companies are now expanding their business in other countries besides China. In such a situation, india is emerging as a new manufacturing hub, which is also benefiting ASEAN countries.
Many projects are underway for better connectivity and movement between india and ASEAN. This will further strengthen trade and economic relations between the two. Road, rail and sea routes are being improved between india and ASEAN countries. Along with this, connectivity is also being increased through internet and wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital technology. In 2017, India had promised to give a loan of 1 billion dollars to ASEAN countries for connectivity and maritime projects. india and ASEAN are also working together in the field of digital infrastructure and 5g technology.
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