ASEAN: Association of South East Asian Nations
Motto: One Vision, One Identity, One Community
- Economic organisation of 10 member countries : Indonesia, Malaysia, Philippines,Singapore, Thailand, Brunei, Burma (Myanmar), Cambodia, Laos, and Vietnam.
- Aim : Accelerating economic growth, social progress, cultural development among its members, protection of regional peace and stability, and opportunities for member countries to discuss differences peacefully.
- Common Effective Preferential Tariff (CEPT) scheme to promote the free flow of goods within ASEAN lead to the ASEAN Free Trade Area (AFTA).The AFTA is an agreement by the member nations of ASEAN concerning local manufacturing in all ASEAN countries.ASEAN Economic Community (AEC) and ASEAN Comprehensive Investment Area (ACIA) also exists.
- ASEAN – India Commemorative Summit is an international meeting which India will host to mark the 20th year anniversary of the ASEAN – India dialogue relations. The summit held from 20 to 21 December 2012 in New Delhi.
- At present ,trade between India and ASEAN stood at $80 billion ,aim is to have this $100 billion by 2015.
- The three pillars of the India-ASEAN economic relations are FTA in goods
(which was finalised in 2009 and came into effect in 2010), services
and investment.
- India and the Association of Southeast Asian Nations (ASEAN) finalized the Free Trade Agreement (FTA) in services and investments.
- The FTA would also open the doors for discussions on a Regional Comprehensive Economic Partnership (RCEP) that ASEAN plans to sign with its 6 main trade allies, which include India.
- ASEAN and six partners — Australia, China, India, Japan, South Korea and New Zealand — will start discussions on the RCEP in 2013, which are likely to form the world’s economic bloc in 2015.
