India`s Act East Policy - Embassy of India Thimphu, Bhutan

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Embassy of India
Thimphu
India’s Act East Policy
By Gautam Bambawale
Ambassador of India
to Bhutan
Embassy of India, Thimphu
RECENT INCOMING/OUTGOING VISITS
1.
PM
PM
EAM
EAM
Outgoing:
Japan
Myanmar, Australia
& Fiji
ROK
China
31 August-3 September’14
10-20 November’14
28-30 December’14
1-3 February’15
2.
Incoming:
PM
President
PM
Vice President
President
Australia
China
Vietnam
Myanmar
Singapore
3-5 September’14
17-19 September’14
27-28 October’14
19-23 January’15
8-11 February’15
BASIC FACTS OF ACT EAST POLICY
 Announced in 1992
 Based on domestic requirement:
- 1991 Foreign exchange crisis
- 1991 New economic policies stressing foreign
investment + easier business environment.
Dismantling of ‘Licence-Raj’.
 East and South East Asia most dynamic part of world
economy. Hoped to benefit from them.
 This foreign policy initiative based on domestic policies.
INDIA – ASEAN

ASEAN is core of our Look East Policy.
Developments in Asia-Pacific should be ASEAN-led.

Trade between India and ASEAN has grown from few
hundred million Dollars in 1992 to $ 76 billion in 2013.

Target of $ 100 billion by 2015 and $ 200 billion by 2022.

Investment flows from India to ASEAN of $ 31 billion (2007-14)
and $ 25 billion in reverse.

Number of flights between Singapore and Indian cities
increased from less than 10 per week in 1992 to 300 in 2013.
HOW IT HAPPENED

1992 – India became Dialogue Partner of ASEAN

2002 – ASEAN Plus India partnership.

2012 – Celebrated the Anniversaries.

FTA in Goods signed in 2009; implemented from January 2010.

FTA in Services and Investment signed in 2014.

ASEAN-India Network of Think-tanks.

Founder member of EAS in 2005.

Connectivity improved including Trilateral Highway (ongoing)
TRILATERAL HIGHWAY
INDIA – EAST ASIA
I.
Japan

India-Japan Special S&GP.

Japan assisting in building infrastructure in India
- Western Dedicated Freight Corridor (DFC)
- Delhi Mumbai Industrial Corridor (DMIC)
- Chennai Bengaluru Industrial Corridor (CBIC)

Metro projects in several cities. Delhi is example.

India-Japan CEPA.

Promise of large FDI flows.
II.
Republic of Korea

Strategic partnership.

Investment

CEPA

Civil Nuclear Agreement

Regular leadership visits
III.
Australia:

Strategic partnership.

Expanding trade + investment + political dialogue

Civil Nuclear Agreement

FTA (soon)
IV. India-China

Regular leadership visits.

Trade grown from $ 3 bn in 2000 to $ 68 bn in 2013

Target is $ 100 bn by 2015.

India faces large trade deficit.

Chinese Industrial Parks in India (investment)

Outstanding boundary question.

Lack of trust and understanding.

Greater people-to-people exchanges.

Will continue to engage China.

India`s Act East Policy - Embassy of India Thimphu, Bhutan

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