ASEAN-India trade to touch $50 billion by 2010

Chennai, Jan 21 (UNI) The ASEAN-India trade is expected to touch 50 billion dollar in 2010 from the current 30 billion dollars India-ASEAN-Sri Lanka Chamber of Commerce and Industry President C S Muthu Subramaniyan said here today.

In his inaugural address during a seminar on trade relations with ASEAN and Sri Lanka, he said after reaching the 50 billion dollar mark, ASEAN-India would be the largest trading block in the world, bigger than European community, American Free Trade Association and China itself.

He also emphasised on the need to promote and foster trade and commerce between Indian, member countries of ASEAN and Sri Lanka.

''We also need to promote technical and industrial collaboration in such a manner as shall be in the mutual interest of India and ASEAN member countries and Sri Lanka,'' he added.

Export-Import Bank of India Chairman and Managing Director T C Venkata Subramanian said, ''there is a constant increase in trade between India-Asia for the past eight years touching 12.6 billion dollars in 2006-2007.

This is expected to increase further in the current fiscal.'' Mr Subramanian also emphasised the need for companies in North India to set up base in ASEAN countries to further enhance trade.

Consulate General of Singapore Ajit Singh said, ''India-ASEAN-China can collobrate with each other to develop economic and trade activites in the region.'' Tourism between Singapore and India played a major role in enhancing bilateral relations between the two countries.

''Every year, tourism between Singapore and India is increasing by 23 per cent. Singapore received seven lakh Indian tourists last year,'' he added.

UNI SNR SR HT1950