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 Embassy of India, Thimphu 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 Embassy of India, Thimphu 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. Embassy of India, Thimphu 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. Embassy of India, Thimphu 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) Embassy of India, Thimphu TRILATERAL HIGHWAY Embassy of India, Thimphu 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. Embassy of India, Thimphu II. Republic of Korea Strategic partnership. Investment CEPA Civil Nuclear Agreement Regular leadership visits Embassy of India, Thimphu III. Australia: Strategic partnership. Expanding trade + investment + political dialogue Civil Nuclear Agreement FTA (soon) Embassy of India, Thimphu Embassy of India, Thimphu 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.
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