New Delhi Jan 22 (IANS) Stating that India and the Asean regional bloc have been working on regional security architecture in the Asia-Pacific Minister of State for External Affairs V.K. Singh on Monday said that both sides are looking at settling disputes in the region
"At the politico-security level we have been working with each other to bring an open transparent inclusive and evolutionary regional security architecture which would meet both traditional and non-traditional security challenges " he said in his address at the inaugural plenary of the Association of Southeast Nations (Asean)-India Business and Investment Meet and Expo here.
"Mutually we have been working towards evolving a regional security architecture in the Asia-Pacific that hinges on emphasising on the peaceful settlement of disputes.
"We have enhanced our maritime cooperation and security and it has been a focus of Asean-India ties " he said in remarks that assume significance given China s continued belligerence in the South China Sea region.
Monday s event was part of the build-up to the commemorative summit being hosted by New Delhi on January 25 to mark the 25th anniversary of the India-Asean Dialogue Partnership.
The ASEAN comprises Brunei Cambodia Indonesia Laos Malaysia Myanmar the Philippines Singapore Thailand and Vietnam.
Referring to the India-Asean economic ties Singh said that while trade between the two sides stood at $5 billion in 1992 it has now gone to over $70 billion.
While Asean is India s fourth largest trading partner India is Asean s seventh largest he said.
"We are actively engaged in the Regional Comprehensive Economic Partnership (RCEP) negotiations " he said.
"When finalised it will become the largest trading partnership accounting for 40 per cent of world trade."
The RCEP is a proposed free trade agreement (FTA) between the 10 Asean member states and the six countries with which Asean has FTAs -- Australia China India Japan New Zealand and South Korea.
Singh also referred to Prime Minister Narendra Modi s announcement in 2015 of a project development fund for catalysing Indian projects in Cambodia Laos Myanmar and Vietnam.
"This fund with a corpus of $77 million is up and running now with potential sectors identified and pre-feasibility studies being undertaken soon " he said.
Stressing that developing infrastructure and connectivity is a major ascpect of India-Asean ties Singh said that efforts were on to enhance physical connectivity through land sea and air.
--IANS
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