India and the 10-member Association of Southeast Asian Nations (ASEAN) on Thursday agreed to further strengthen the economic relations amongst themselves.
The leaders agreed to "strengthen ASEAN-India economic relations, including through the full utilisation and effective implementation of the ASEAN-India Free Trade Area, and intensify efforts in 2018 toward the swift conclusion of a modern, comprehensive, high quality, and mutually beneficial Regional Comprehensive Economic Partnership (RCEP)."
Laying stress upon the blue economy, the leaders agreed to, "cooperate for conservation and sustainable use of marine resources in the Indian and Pacific Oceans in accordance with international law and address threats to these resources. In this regard, explore cooperation in the field of blue economy, and take note of India's proposal for a possible framework of cooperation in this regard."
The declaration further stressed upon the agreement on deepening cooperation in the area of aviation and establish closer ASEAN-India air links to promote tourism, trade, and enhance greater connectivity between ASEAN and India.
India is hosting a two-day India-ASEAN Commemorative Summit which is expected to give a boost to the cooperation in key areas of counter-terrorism, security and connectivity.
The eleven countries agreed to continue to promote private sector engagement and strengthen business-to-business relations, including through the ASEAN-India Business Council, and encourage trade events to promote brand awareness of ASEAN and India products and services to further broaden and deepen economic linkages.
The leaders "also look forward to the establishment of the ASEAN-India Trade and Investment Centre," read the declaration.
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India is hosting a two-day India-ASEAN Commemorative Summit which is expected to give a boost to the cooperation in key areas of counter-terrorism, security and connectivity.
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