5th ASEAN-India Business Summit 2023

ASEAN-India Business Summit: ASEAN-India Summit is an important event that strengthen the India-ASEAN Relations. ASEAN-India Business Summit is part of India-ASEAN Economic relations and also important for UPSC Prelims 2023 and UPSC Mains Exam (GS Paper 2- International Relations- Regional Groupings like ASEAN and SAARC).

ASEAN-India Business Summit in News

The ASEAN-India Business Summit 2023 was recently addressed by the Minister of State for Electronics & Information Technology and Skill Development & Entrepreneurship, Shri Rajeev Chandrasekhar. He said that India’s rapid digitalisation across sectors holds great potential for its partnership with ASEAN countries.

ASEAN-India Business Summit 2023

The 5th ASEAN-India Business Summit serves as an important platform to chart the future roadmap for both parties’ business and economic engagement. The 5^th ASEAN-India Business Summit is being held as part of the Asean-India Year of Friendship to commemorate more than three-decade long engagement between India and the 10-member bloc.

• Time and Venue: ASEAN-India Business Summit 2023 has been held at Berjaya Times Square Hotel on Mar 6.
• Theme: 5^th ASEAN-India Business Summit theme is “Strengthening and Moving Forward Asean-India Economic Relations for a Strategic Business Partnership”.
• Host: The summit is being supported by the government of India, through the Economic Diplomacy Division of the External Affairs Ministry of India, with Malaysia’s International Trade and Industry Ministry and Federation of Chambers and Commerce of India as partner organisations.

5^th ASEAN-India Business Summit Significance

In view of the 65 years of India-Malaysia bilateral ties, there would be a focused session on India-Malaysia bilateral trade and investment engagement at the summit.

• ASEAN-India Business Summit 2023 will focus on boosting India-Malaysia trade ties and expanding business engagement in digital technology partnerships and fintech, among others.
• It will explore the opportunities and avenues for boosting our bilateral trade and investment engagement to the mutual benefit of India and Asean.
• The summit offered Asean and Indian companies an opportunity to collaborate through joint initiatives or ventures to boost their participation and role in the growing regional and global value chain activities.

What is ASEAN?

The Association of Southeast Asian Nations is a regional organization which was established in 1967 with the signing of the ASEAN Declaration (Bangkok Declaration). ASEAN was established to promote political and social stability amid rising tensions among the Asia-Pacific’s post-colonial states.

• 8^thAugust is observed as ASEAN Day.
• The motto of ASEAN is “One Vision, One Identity, One Community”.
• ASEAN Secretariat – Indonesia, Jakarta.
• Founding countries of ASEAN are: Indonesia, Malaysia, Philippines, Singapore and Thailand.

ASEAN Member Nations

Following are the Members of the ASEAN Grouping-

• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Brunei
• Vietnam
• Laos
• Myanmar
• Cambodia

INDIA-ASEAN Relations

After independence India did not have good relations with ASEAN because of ideological difference with ASEAN which was under the US camp during the Cold War. After the end of Cold War, India – ASEAN relations have evolved from just economic ties to strategic heights owing to common threats and aspirations.

• 1996- India became a member of ASEAN Regional Forum (ARF) for security dialogue in Asia in which members can discuss current regional security issues and develop cooperative measures to enhance peace and security in the region.
• 2002- India and ASEAN begin to hold annual summit level meetings.
• 2009- India- ASEAN Free trade Agreement in Goods was concluded.
• 2012- India – ASEAN Strategic Partnership was concluded
• 2014- India – ASEAN Free Trade Agreement in Services and Investment was signed with an aim to facilitate movement of manpower and investments between India and ASEAN.
• 2018- India ASEAN celebrated 25 years of their relationship by holding a commemorative Summit. Leaders of all ten ASEAN countries were invited as Chief Guests for the Republic Day parade on January 26, 2018.

India-ASEAN Economic Cooperation

ASEAN is India’s fourth largest trading partner. The ASEAN-India Free Trade Area has been completed.

• ASEAN India-Business Council (AIBC) was set up in 2003 to bring key private sector players from India and the ASEAN countries on a single platform.
• Financial assistance has been provided to ASEAN countries from the following Funds:
  • ASEAN-India Cooperation Fund
  • ASEAN-India S&T Development Fund
  • ASEAN-India Green Fund
• Delhi Declaration identifies cooperation in the Maritime Domain.
• Delhi Dialogue: Annual dialogue for discussing politico-security and economic issues between ASEAN and India.
• ASEAN-India Centre (AIC):To undertake policy research, advocacy and networking activities with organizations and think-tanks in India and ASEAN.
• Political Security Cooperation: India places ASEAN at the centre of its Indo-Pacific vision of Security and Growth for All in the Region.

ASEAN-India Business Summit 2023 FAQs

1. What is the theme of ASEAN-India Business Summit 2023?

Ans. 5th ASEAN-India Business Summit theme is “Strengthening and Moving Forward Asean-India Economic Relations for a Strategic Business Partnership”.

2. Who hosted the ASEAN-India Business Summit 2023?

Ans. The ASEAN-India Business Summit 2023 was hosted by the is being supported by the government of India, through the Economic Diplomacy Division of the External Affairs Ministry of India, with Malaysia’s International Trade and Industry Ministry and Federation of Chambers and Commerce of India as partner organisations.

3. Who are the founding members of ASEAN Grouping?

Ans. Founding countries of ASEAN are Indonesia, Malaysia, Philippines, Singapore and Thailand.

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