India to Enhance Economic Cooperation with ASEAN, China, and Japan

Strategic Insights -

Prime Minister Manmohan Singh has pledged to strengthen economic ties with Southeast Asia, China, and Japan, in line with India's "Look East" policy. During a meeting with Asian Development Bank (ADB) president Tadao Chino, Singh emphasized India's commitment to greater economic cooperation with the South Asian region through the South Asian Association for Regional Cooperation (Saarc). Chino noted that despite comprising 50% of the world's population, Asian nations contribute only 25% to global output, indicating immense growth potential. The ADB is keen to play a key role in inter-regional development projects, promoting economic cooperation between South Asia and South East Asia.

Key Takeaways:

  • Prime Minister Manmohan Singh has committed to strengthening economic ties with ASEAN, China, and Japan as part of India's "Look East" policy.
  • Singh emphasized India's commitment to Saarc and strengthening economic linkages with ASEAN countries and Japan.
  • The total GDP of Asian countries accounts for only 25% of global output, despite comprising 50% of the world's population.
  • Asian Development Bank (ADB) president Tadao Chino emphasized the need for active involvement of India for faster economic development and greater stability in the region.
  • The ADB is keen to play an important role in the formulation and funding of inter-regional developmental projects.
  • India's emphasis on poverty reduction goals in the Common Minimum Programme is seen as facilitating closer working between the ADB and the government in ensuring egalitarian growth.

Statistics:

  • 50% of the world's population lives in Asian countries.
  • Asian countries contribute only 25% to global output.
  • India aims to strengthen economic ties with ASEAN, China, and Japan.
  • The Asian Development Bank (ADB) is keen to play an important role in inter-regional development projects.

Sources:

  • Asia Pulse, New Delhi, Oct 18
  • PTI