Shruti Sharma, School of Law, Christ Deemed to be University, Bangalore
ABSTRACT
The following paper analyses the trade development between India and ASEAN. The focus has been put on the important phases of trade among the two, since the advent of the 1991 Trade Liberalisation policy by India. The paper has traced the fall of Soviet Union and the rise of trade among Southeast Asian region and India. Because of drastic changes in global trends, India was also compelled to get rid of its protectionist policies and to start relying upon its neighbours for economic stability. Not only this, good trade partnership with the ASEAN belt was also crucial to establish a strong foot in the Indo-Pacific region, and to reduce the influence of Asian-Pacific motives. The paper examines the Look East Policy of 1992, along with the two significant phases that lead to the development of Act East Policy by India since Summit of 2002. The paper has deeply analysed those factors which caused the failure of the Look East Policy during the initial phase since its inception. There is also good deliberations on what India did right to foster the trade during the Act East Policy post the Summit 2002 phase. There is emphasis on historical geo-political scenarios which gave rise to such relation between the two prominent trade partners today. Through a doctrinal methodology of research, the paper has aimed at highlighting factors that gave rise to trade potential between India and ASEAN. The influence of China upon bilateral trade between India-ASEAN has been discussed briefly to underline the key factors which can further the economic relations between them. Common challenges between India and ASEAN were the key factor which induced trade deliberations among them. India has been a sectoral dialogue partner, then a full time dialogue partner and eventually a strategic partner to ASEAN with the common objective of fostering trade and strengthening defence. The rationale behind this shift in trade with China to India has also been taken into consideration, especially the South China Sea conflict among ASEAN-China. Subsequently, the paper concludes with remark that such growth in trade is essential for the overall development of Indo-Pacific region, and to become independent from trade with other developed countries.
Keywords: India, ASEAN, Look East Policy, China, Regional Trade Bloc
