India’s trade deficit with Asean has surged to $9.56 billion in 2016-17 from $4.98 billion in 2010-11. Mahbubani’s view is shared by most member-states of the Association of Southeast Asian Nations (Asean), which see the proposed Regional Comprehensive Economic Partnership (RCEP) as a catalyst for deepening the partnership with India. In January, at the Asean-India Pravasi Bharatiya Divas (non-resident Indian) conference, Singapore’s foreign minister Vivian Balakrishnan said RCEP offered a “historic opportunity to set up the world’s largest trade bloc”. During this period, India’s trade deficit with Asean surged to $9.56 billion in 2016-17 from $4.98 billion in 2010-11. In addition to its strong support for the RCEP, Singapore has been a vocal advocate of an Asean-India Air Transport Agreement, which will expand air links between cities across both regions.

Source: Mint February 01, 2018 19:41 UTC