The International Trade Council is pleased to report on the groundbreaking developments arising from India’s Prime Minister Narendra Modi’s participation in the 20th annual ASEAN-India summit and the 18th East Asia summit, both held in Jakarta on September 7, 2023. The Prime Minister, during his visit, introduced an extensive 12-point proposal aimed at fostering deeper cooperation between India and ASEAN member countries. This initiative underscores India’s unwavering commitment to cultivating stronger ties with ASEAN economies across various sectors and presents invaluable opportunities for businesses seeking to expand their presence in the Southeast Asian market landscape.
The proposal laid out by Prime Minister Narendra Modi during the summit encompasses a broad spectrum of areas critical for bolstering economic and business engagement, exemplifying India’s dedication to nurturing robust relationships with its ASEAN counterparts. Some of the key highlights include:
- Enhanced Connectivity: The proposal emphasizes the creation of a multi-modal connectivity and economic corridor that links Southeast Asia, India, West Asia, and Europe. This initiative is poised to enhance trade and investment prospects for businesses operating in these regions.
- Digital Transformation: Prime Minister Modi offered to share India’s digital public infrastructure stack with ASEAN partners, promoting innovation and efficiency in businesses through digital transformation.
- Digital Future Fund: The announcement of the ASEAN-India Fund for Digital Future aims to strengthen digital cooperation and financial connectivity, potentially unlocking new avenues for businesses in the digital sector.
- Research Support: India’s renewed commitment to the Economic and Research Institute of ASEAN and East Asia (ERIA) as a knowledge partner will provide enhanced research and development opportunities for businesses, facilitating informed decision-making.
- Advocating for the Global South: The proposal underscores the collective need to raise issues faced by the Global South in multilateral forums, reaffirming India’s dedication to ensuring the voices of developing nations are heard.
- Traditional Medicine Center: India invites ASEAN countries to join the Global Centre for Traditional Medicine, offering opportunities for cooperation in healthcare, including traditional medicine, a promising growth area for businesses.
- Mission LiFE: Prime Minister Modi calls for cooperation on Mission LiFE, offering avenues for businesses to contribute to health and environmental sustainability efforts.
- Affordable Medicines: India’s offer to share expertise in providing affordable and quality medicines through Jan-Aushadhi Kendras could significantly benefit businesses in pharmaceutical manufacturing and distribution.
- Counterterrorism Cooperation: The proposal emphasizes collective action against terrorism, terror financing, and cyber-disinformation, promoting a secure environment for businesses.
- Disaster Resilience: India invites ASEAN countries to join the Coalition for Disaster Resilient Infrastructure, enhancing disaster preparedness and response capabilities, crucial for business continuity.
- Disaster Management: Cooperation in disaster management can reduce business risks during natural disasters, ensuring smoother operations.
- Maritime Security: Enhanced cooperation on maritime safety, security, and domain awareness is vital for businesses engaged in maritime trade and logistics.
Additionally, during the recent ASEAN-India Summit, two critical joint statements were adopted: one focusing on Maritime Cooperation and the other addressing Food Security. These statements represent significant milestones in the ASEAN-India Comprehensive Strategic Partnership, opening up new avenues for collaboration and growth.
The joint statement on Maritime Cooperation highlights initiatives aimed at enhancing maritime safety and security, information sharing, sustainable maritime practices, advancing connectivity and blue economy, all of which are crucial for businesses operating in the maritime domain.
The joint statement on Food Security underscores the importance of ensuring a stable and sufficient food supply for the ASEAN-India region. Key areas of collaboration include exchanging national policy frameworks, promoting trade and investment, enhancing agrifood system resilience, financing climate-friendly technologies, strengthening social protection and infrastructure, and utilizing digital technologies for agricultural transformation.
As the International Trade Council, we applaud these significant steps taken by India and ASEAN member countries towards strengthening economic collaboration. We encourage businesses worldwide to closely monitor developments in India-ASEAN relations and explore the multitude of opportunities emerging in this dynamic market landscape.