Q. Consider the following statements regarding India’s Trade with ASEAN Region-
- ASEAN is India’s third largest engineering export market and the fifth largest trade partner.
- ASEAN is the biggest trading partner of India.
Which of the above statement / s is/ are true?
a) Only 1
b) Only 2
c) Both 1 & 2
d) None of these
ANSWER:- a)
RELATED FACTS:-
- India is likely to record exports worth $46 billion to the ASEAN region, Minister of State of Commerce and Industry said on 24TH August, 2021.
- Addressing the India-ASEAN Engineering Partnership Summit organised by EEPC India, she noted that as one of the largest destinations for Indian exports, the Association of South East Asian Nations will be an important region for India in meeting the global export target of $400 billion in financial year 2021-22.
- India’s engineering exports to the world during the first four months (April-July) of fiscal 2021-22 was recorded at $35.3 billion and is expected to achieve the target set for fiscal 2021-22 at $105 billion.
- The minister emphasised on the need for opening up new avenues of bilateral cooperation in order to enhance engineering trade and investments between India and the ASEAN.
- India’s bilateral trade with ASEAN economies is expected to reach $300 billion by 2025, and it is the fifth largest trading partner for India following North America, EU, North-East Asia and GCC-West Asia.
- ASEAN is India’s third largest engineering export market and the fifth largest trade partner. Engineering goods account for 40 per cent share in India’s total exports to ASEAN.
By – ABHISHEK KUMAR