| As East Asian economies begin to emerge from the | | | | India's interaction with ASEAN in the cold war era can |
| economic shadow of the 1997 crisis, there is a clear | | | | be described as a tale of missed opportunities. India |
| understanding that greater economic coordination | | | | declined to get associated with ASEAN in the 1960s |
| among major Asian countries is essential to face the | | | | when full membership was offered even before the |
| globalization challenges. | | | | grouping was formed. The former Prime Minister of |
| If Asia has to strengthen her economic and political | | | | India Atal Bihari Vajpayee said in his address to the |
| weight in the world affairs, India has to be involved | | | | Institute of Diplomatic and Foreign Relations at Kuala |
| as an integral part of the Asia-wide cooperation. As | | | | Lumpur in may 2001, "India and ASEAN are on the |
| such closer cooperation among Japan, ASEAN, South | | | | same side of the socio-economic divide in the debate |
| Korea, India, and China would have far ranging | | | | on globalization. Opening up our national economies to |
| implications for the world. | | | | global markets cannot become a mantra at the cost |
| India has be more proficient at strategic economic | | | | of equitable development and social justice". |
| diplomacy and soft power skills simultaneously East | | | | The first India-ASEAN Business Summit was held at |
| Asia has to shed its cold war mind set and its | | | | New Delhi in October 2002. ASEAN-India annual trade |
| insularity to grasp win-win opportunities. India's | | | | jumped 40.8 percent last year over 2003, from |
| growth strategy based on strong and increasingly | | | | US$12.5 billion (euro10.6 billion) to US$17.6 billion |
| globally competitive and networked domestic | | | | (euro14.96 billion). That marked its biggest-ever annual |
| companies could provide a balance for highly trade | | | | rise, it's still tiny compared with ASEAN's US$136 billion |
| and FDI dependent East Asian economies. | | | | (euro115.61 billion) in annual trade with the United |
| With successful 4th India-ASEAN dialogue meeting at | | | | States. As such there is a huge scope to expand it |
| Kuala Lumpur in December 2005 stage is set for a | | | | further. |
| successful summit from the 14th of this month | | | | Dr Singh has strongly advocated the idea of a Free |
| between India and ASEAN at the Philippines to be | | | | Trade area (FTA) with ASEAN which was initiated by |
| followed by the East Asia Summit. | | | | Vajpayee hopefully in the coming summit this would |
| It is seen that the Look-East policy is being pursued | | | | finally materialized. An FTA with ASEAN will give India |
| aggressively and has started yielding results on the | | | | an opportunity to look beyond trade and to areas |
| economic, political and strategic fields. The policy | | | | such as science and technology, information |
| initially started with courting ASEAN but now it has | | | | technology, biotechnology, space technology, tourism, |
| expanded to include other nations of the region such | | | | and human resource development. India has offered |
| as China, Japan and Korea through the East Asia | | | | to eliminate tariffs for five ASEAN members- |
| Summit. | | | | Singapore, Malaysia, Indonesia, Thailand and Brunei- by |
| The Look East Policy of India started in 1992 had its | | | | 2011. The new ASEAN members- Cambodia, Laos, |
| seeds in the end of the cold war, with the end of | | | | Myanmar and Vietnam- will get time till 2016 to set |
| the former Soviet Union. In post liberalized India it is | | | | up FTAs with India. |
| more than just a foreign policy alternative as it | | | | With Annual trade of India with China expected to |
| provided alternative development model too. To | | | | rise from the present $20 billion to $40 billion by 2010. |
| quote Prime Minister Man Mohan Singh "it was also a | | | | The Indo-Japanese bilateral trade in 2003-04 stood at |
| strategic shift in India's vision of the world and India's | | | | US$ 4 bn growing by 18 per cent then what it was in |
| place in the evolving global economy". | | | | 2002-03. So far as foreign direct investment (FDI) is |
| It is only since the beginning of this century, India has | | | | concerned, approvals of Japanese FDI in India during |
| given a big push to this policy by becoming a summit | | | | the period 1991-2004 have been in the order of |
| level partner of ASEAN (2002), in forming the | | | | US$3.2 billion accounting for around 4.8 per cent of |
| BIMSTEC and the Ganga Mekong Cooperation and | | | | total Indian approvals for all FDI. |
| now becoming a member of the East Asia Summit | | | | Thus for India East Asia and ASEAN can be a gold |
| (EAS) in December 2005 and Shanghai co-operation. | | | | mine in future. |