Need to diversify ASEAN-India trade, says Indonesia | SupportBiz


Need to diversify ASEAN-India trade, says Indonesia

There is a need to diversify markets and deepen trade relations since weakening global growth is affecting emerging economies, said Indonesia's Vice Minister of Finance Mahendra Siregar at a seminar on ASEAN-India trade in Jakarta.

There is also a need to get an economic community perspective for a broad-based engagement which can be wider than the present FTA (free trade area)-based relationship, he said here Wednesday.

India's Ambassador Gurjit Singh, speaking at the seminar, said while trade between India and the Association of Southeast Asian Nations was growing, the challenge now was to look at investment being the next frontier and see how trade could be diversified by having cross-investments.

The Indian embassy in Jakarta organised the 'ASEAN-India Business Seminar for Progress and Prosperity' with KADIN, Jakarta, and the Indian Chamber of Commerce, Kolkata.

The seminar is the first in a series to be held across Indonesian cities ahead of the India-ASEAN Summit in New Delhi in December to mark the 20th anniversary of the ASEAN-India dialogue partnership.

The event follows the arrival of the Indian Navy's sail ship INS Sudarshini in Indonesia, retracing the historic trade route among members of ASEAN.

Subash Bose Pillai, director, market integration directorate, ASEAN Economic Community Department, said ASEAN-India relations were based on strong foundations led by government initiatives and now it was the turn of the business community to take it to the next level.

The seminar had sessions on energy, infrastructure, mining, tourism, healthcare, skills development and manufacturing.

Around 200 members of the Indonesian business community and ASEAN representatives attended the event.