NEW DELHI: ASEAN-India trade is likely to touch USD 100 billion by 2020, Union Urban Development and Housing Minister Hardeep Singh Puri said recently, calling for greater cooperation between the two sides in economic sector.
“Today, the ASEAN-India region together represents a combined population of 1.85 billion, a quarter of the global population, a GDP of over USD 3.8 trillion, creating one of the largest economic spaces in the world. This joint economic space provides avenues for expansion and cooperation across a myriad of commonalities in security, economic and socio-cultural areas across the geographical expanse of the Indo-Pacific,” he said. Puri said the bilateral trade between ASEAN and India has crossed USD 80-billion mark, which not only shows growing confidence but also constitutes the highest volume of trade in goods that ASEAN and India have witnessed since the signing of the FTA in 2010.
If this double-digit trade growth continues, ASEAN-India trade is likely to touch USD 100 billion by 2020, the Minister said.