Jakarta, Jan 6 (UNI) India on Saturday said it is looking forward to working closely with the ASEAN countries for building a regional security architecture in the Indo-Pacific on the twin principles of shared security and shared prosperity.
"The Indo-Pacific region is increasingly seen as a connectivity pathway - much of the world’s trade passes through these oceans. These waters must not only get better connected, but remain free from traditional and non-traditional threats, that impede free movement of people, goods and ideas," External Affairs Minister Sushma Swaraj said, addressing the the 5th Roundtable of the ASEAN-India Network of Think Tanks here.
"Respect for international law, notably UNCLOS (United Nations Convention on the Law of the Sea), in ensuring this is, therefore imperative," she said.
Swaraj also stressed deeper economic integration with the ASEAN region, saying it was an objective of the country's ACT East policy and that both India and ASEAN shared a common vision for global commerce and maritime domain.
"We look forward to working closely with ASEAN in a range of activities" such as developing a Blue Economy.
ASEAN is India's 4th largest trading partner, accounting for 10.2 pc of India’s total trade. Two-way trade registered an 8 pc increase in 2016-17, as compared to the previous year. Investment flows have also remained robust.
She said it is India's continuous attempt to promote dialogue among ASEAN and Indian business and trade associations to further enhance bilateral trade and investment.
The establishment of a Project Development Fund would encourage Indian companies to develop manufacturing hubs in CLMV (Cambodia, Laos, Myanmar and Vietnam) countries.
India has offered a $1 billion Line of Credit is another important initiative to enhance physical and digital connectivity.
In this context, she invited the scholars, academics and think tanks present to offer new ideas, for a greater integration of ASEAN Economic Community with India and identify collaborative opportunities in investment, trade and services sector.
"I urge the think tanks to strengthen consultations and suggest ways, to enhance maritime, commercial, educational and cultural cooperation," she said.
The minister also asked them to discuss modalities for setting up a network of Universities among ASEAN countries and India, to intensify our cooperation in the education sector.
UNI SRJ SHK 1835