‘Trade must touch $200 b by 2025’

Updated - March 25, 2016 01:45 am IST

Published - November 22, 2015 03:52 am IST - KUALA LUMPUR:

The Prime Minister Narendra Modi has said the trade between India and the Association of Southeast Asia Nations (Asean) should increase to $100 billion by 2020 and to $200 billion by 2025. During 2014-15, after a temporary decline, the trade stood at $76.5 billion.

In his hour-long address at the Asean-India Summit here on Saturday, Mr. Modi pointed out that much of the potential for economic partnership remained untapped and expressed the confidence that trade and investment would expand. He said India would soon extend electronic visa facility to all 10 Asean members.

Briefing the media after the summit, Anil Wadhwa, Secretary (East), Ministry of External Affairs, said the Prime Minister emphasised the physical, digital and institutional connect between India and Asean.

The Prime Minister also intends to set up an Asean-India innovation platform to facilitate commercialisation of low-cost technologies, technology transfer and collaborative research and development projects. Laying special emphasis on India’s partnership with Cambodia, Laos, Myanmar and Vietnam, he said India would create a project development fund to create manufacturing hubs in the four countries.

As for climate change, Mr. Modi proposed an international solar alliance of 122 solar-rich countries, which he and French President Francois Hollande would launch at the Paris convention on November 30. The proposals made by Mr. Modi included the opening of an Asean studies centre at the Northeastern Hill University in Shillong and establishment of 100 slots for training in renewable energy in Asean institutions.

To counter terrorism, he suggested that India and Asean countries enhance their cooperation at the regional and international levels, including through support for the adoption of a comprehensive convention on international terrorism.

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