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Business EconomyPosted at: Feb 21 2019 9:48PM


In fight against terrorism, India ASEAN Summit acquires unique significance: Prabhu

New Delhi, Feb 21 (UNI) Reaffirming India’s commitment to the path of mutual progress and prosperity, Commerce and Industry Minister Suresh Prabhu on Thursday said terrorism knows no boundaries and it needs to be addressed through collective reaffirment towards promoting regional peace, stability and development.
''In this fight against terrorism and mindless violence, events like India ASEAN Expo and Summit acquire a unique significance, as it epitomises our faith and commitment towards a path of shared prosperity, progress and peace,'' said Mr Prabhu in his address as he inaugurated the fourth India-ASEAN Expo and Summit 2019 here.
The Minister recalled the participation of ASEAN ministers during the ASEAN-India Business and Investment Meet and Expo 2018, organised on the side-lines of the ASEAN-India Commemorative Summit here in January, 2018 and said ''it provided us the much needed opportunity to engage on promotion of trade and investment collaborations.''
He also recalled the informal Mini Ministerial of WTO hosted by India in 2018 which was attended by 52 countries,including many ASEAN partners.
Mr Prabhu said that the core idea behind organising this Expo and Summit was to build upon the success of the previous events and carry forward the momentum of the relationship built up over the years.
He said that this Summit is a testimony of India’s dedicated efforts towards Act East policy.
The Commerce Minister said trade is a buckle that binds India and ASEAN together and India’s vision of trade is not limited to exchange of goods and services.
He asserted that India believes in trade that brings about mutual collaboration, promotes livelihood opportunities, brings in shared prosperity and binds us to a common future and a common destiny.
India and ASEAN represent fast moving economies. The global headwinds have caused a softening of the global growth from 3.1 per cent in 2018 to 3.0 per cent in 2019.
According to the recently published United Nations’ World Economic Situation and Prospects Report 2019, India and ASEAN are set to outpace the global growth.
India continues to be the fastest growing major economy and is expected to grow at 7.2 per cent in 2019 and ASEAN at 5.2 per cent, with many economies within ASEAN with a growth of more than 6 per cent.
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