Asean, India urged to forge closer ties amidst global shifts

LUMPUR: Amid the ascent of new global powers and the expanding influence of non-state actors, it is more important than ever for Asean and India to work together and address the challenges of the 21st century, says CoChairman of Asean India Business Council, said Datuk Ramesh Kodammal.

Stressing the importance of charting a new agenda for Asean-India cooperation, Ramesh highlights economic growth and development as a key challenge both regions face.

He emphasised that in today’s interconnected world, Asean and India must work together to boost trade, and investment, and create opportunities for businesses and entrepreneurs.

Non-state actors are referred to organisations or individuals which have a significant political influence on any particular country or state.

“In an increasingly interconnected world, it is essential for both regions to work together to increase trade and investment, and to create opportunities for businesses and entrepreneurs.

“Asean and India have taken important steps in this direction, including the establishment of a free trade agreement and various partnerships and initiatives aimed at promoting economic cooperation,” he said in a statement, which was made available to Bernama.

He also underscored the historic and deep-rooted cultural and trade links between Asean and India, highlighting the comprehensive strategic partnership between the two regions.

Referring to recent developments such as the 20th Asean-India Summit, which was held in September 2023 at Jakarta, and the adoption of a 12point development partnership programme, Ramesh emphasised the importance of addressing regional and global security concerns.

He stressed the necessity for both regions to collaborate in promoting stability and security in the Indo-Pacific region and beyond.

Ramesh highlighted the active participation of India in initiatives such as the AseanIndia Free Trade Area (AIFTA) and efforts to enhance bilateral trade, expressing optimism about the potential of economic cooperation to promote regional integration and stability, and addressing common challenges such as poverty and inequality.

He also stressed that the continued development of cooperation between Asean and India is crucial for longterm stability, prosperity, and integration of both regions, as well as for the global economy.

Economic ties between Asean and India have flourished, with bilateral trade reaching US$131.5 billion in 2022-2023. AIFTA has played a pivotal role in reducing trade barriers and enhancing economic integration.

Ramesh said both regions are exploring opportunities for increased investment and joint ventures, particularly in sectors such as agriculture, manufacturing, and technology, paving the way for mutual economic prosperity. — Bernama