Prime Minister Narendra Modi on Wednesday said that India is keen to have a comprehensive and balanced economic agreement with the Association of Southeast Asian Nations (ASEAN) countries, adding that vast economic opportunities can be created via information highways.
"Many of you have spoken about the Regional Comprehensive Economic Partnership Agreement. It can be a springboard for economic integration and prosperity in the region. However, we should aim for a balanced agreement, which is beneficial to all; and, is truly comprehensive in nature, by equally ambitious agenda with similar timelines for goods and services," the Prime Minister said while addressing the 12th India-ASEAN Summit here.
"To deepen our connectivity, I am considering establishing, with your cooperation, a special facility or special purpose vehicle to facilitate project financing and quick implementation. However, in this age, more than physical connectivity, we need Information Highways or i-ways. My experience is that even where road connectivity is poor, we can create vast economic opportunities and employment through i-ways," he added.
Pointing to the large populations of India and ASEAN, Prime Minister Modi further said that the vast numbers of youth has resulted in the creation of a huge economic opportunity.
"There are many similarities and convergences between us. India and ASEAN are second and third in terms of population. We are among the largest economies and among the three fastest growing economies in this century. Majority of us here belong to the developing world," he said.
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"We have the strength and the potential of a young population. In India, 800 million people below the age of 35 years constitute a huge opportunity," the Prime Minister added.
Prime Minister Modi further invited leaders of the ASEAN nations to invest in the 'Make in India' initiative, urging for the creation of a free-trade agreement (FTA) on goods and investment.
"We have embarked on a new economic journey in India. We are emphasizing infrastructure, manufacturing, trade, agriculture, skill development, urban renewal, smart cities. Make in India is a new mission. We are placing as much emphasis on ease of doing business in India as we are on making policies attractive. I invite you to this new environment in India. Indian companies are also keen to invest in and trade with ASEAN," he said.
"I also assure you that there will be major improvement our trade policy and environment. We will also move ahead with connectivity projects with ASEAN with speed. I also suggest that we conduct a review of our free trade agreement on goods to improve it further and make it beneficial to all. ? also urge that the FTA on service and investment be brought into force at the earliest," the Prime Minister added.
Prime Minister Modi is in Myanmar as part of his 10-day trip to three nations. During his trip, he also scheduled to participate in the East Asia Summit (EAS) here and the G-20 Summit in Brisbane.
