The long-lasting relationship between India and the Association of Southeast Asian Nations (ASEAN) has been beneficial to both nations. Between 2000 and 2017, there was over $514.7 billion worth of ASEAN investment flowing into India. In 2015-16, India’s exports to ASEAN were valued at $25 billion, with imports at $40.6 billion. Today, India and the Philippines, a member of ASEAN, are projected to be the two fastest growing economies in the world in 2018, boasting growth rates of 7.4% and 6.7%, respectively.
The cumulative growth of the “ASEAN-5” comprising Indonesia, Malaysia, the Philippines, Singapore, and Thailand is forecast to total 5.3%. This kind of opportunity, however, has not gone unnoticed in Asia. Stronger influence from China on ASEAN nations over the last few years has pushed India to continue nurturing its economic ties with its southeastern neighbors . . .