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Current Affairs » Asian

Asian

India, ASEAN countries promise to boost cooperation against terrorism.

Table of Content
  •  

Why in the News?

The 19th ASEAN-India summit was held in Phnom Penh, Cambodia.

Key Points:

About 

ASEAN: 

  • It is a regional grouping that promotes economic, political, and security cooperation. It was established on 8 august 1967 in Bangkok, Thailand.
  • ASEAN brings together ten Southeast Asian states – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
  • Its chairmanship rotates annually, based on the alphabetical order of the English names of Member states.

Why is ASEAN important for India?

Strategically

  • ASEAN nations are at the intersections of major land and sea routes.
  • ASEAN is “central” to India’s Act East policy and its wider vision of the Indo-Pacific. 

Energy

  • ASEAN countries, particularly Myanmar, Vietnam, and Malaysia can potentially contribute to India’s energy security.
  • Oil and natural gas deposits in the South China Sea region.

Economy

  • In terms of income, the India-ASEAN community is roughly the size of the EU
  • India – ASEAN is expected to grow faster than the rest of the world due to a favorable demographic profile and growing market for goods and services.
  • India’s trade relations are shifting from West economies towards the East, comprising Japan, China, Korea, and ASEAN.
  • India-ASEAN linkage provides for large-scale movement of people, capital, ideas, and creativity.

Performance of ASEAN:

  • ASEAN Failed to prevent the 1997 financial crisis.

  • ASEAN has been too soft on the authoritarian regime of Myanmar.

News Source: The Indian Express

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