Monday, November 19, 2012

Expand bilateral economic relations in ASEAN and East Asian regions

It is good that India and China have agreed to make bilateral ties stronger, wider and deeper. The idea has been strengthened in the meeting between Prime Minister Dr. Manmohan Singh and his Chinese counterpart Wen Jiabao in Phnom Penh on the sidelines of ASEAN and East Asia Summit. The Chinese leader would be demitting office in March. Prime Minister Dr Singh has specifically referred to Wen's two visits to India in 2005 and 2010, saying these helped make the ties stronger. During Wen's first visit in 2005, the two countries established Strategic and Cooperative Partnership while in the second visit in 2010 marked 60th anniversary of establishment of diplomatic ties between the two countries. Keeping in view the ongoing economic recession in the entire western world, it is necessary for the emerging economy like India to expand its economic activities through establishing bilateral economic ties in the entire region of ASEAN and East Asia. China is the second largest economy of the world and first of Asia. India is behind China in economy. India has vast market potential that needs to be exploited to the hilt. It requires having its wing spread in the entire Asian region. There is no dearth of economic resources in ASEAN and East Asian region. All we need is to exploit the economic potential for the development of the region. As China and India are the biggest economies of the region, they need to play the lead role for the equitable development of the region. Prime Minister Dr. Manmohan Singh being the world’s renowned economist, his say at ASEAN and East Asian summit in the Phnom Penh on the expansion of economic relations among the nations of the region will certainly make lasting impact. Prime Minister Dr. Manmohan Singh has held separate meetings with the President of Philippines. It assumes significance because the issue of terrorism and menace of piracy figured prominently in the discussions. Discussions are aimed at intensifying economic engagement with the ASEAN and concluding comprehensive economic partnership agreement that hogged the lime light. On the side lines of the summit some more bilateral meetings are expected to take place. With an agenda to push for greater trade relations in the South East Asian region, PM arrived in the Cambodian capital to attend the ASEAN and East Asia Summits. The Summit meets are going to provide an opportunity for India to enhance its economic cooperation in the region amid lingering financial crisis in the western world.

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