Describe Indo-ASEAN trade and economic relations.

Indo-ASEAN trade and economic relations have been evolving significantly over the past few decades, driven by mutual economic interests, geographical proximity, and a shared commitment to regional economic integration. The relationship between India and the Association of Southeast Asian Nations (ASEAN) has seen remarkable growth, not only in trade but also in investment flows, services, and broader economic cooperation. The ASEAN group comprises ten Southeast Asian nations—Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam—each of which plays a critical role in India’s foreign trade and economic engagements.

### Early Engagement and Evolution

India's engagement with ASEAN began in the early 1990s, driven by the country's economic liberalization and its pivot towards more outward-looking foreign policies. India’s "Look East Policy," launched in 1991, laid the foundation for closer ties with Southeast Asia. The policy aimed at fostering economic and strategic relationships with the ASEAN region, primarily focusing on trade, investment, and cultural ties.

In 2003, the relationship between India and ASEAN was elevated to a strategic partnership, marking a shift towards deeper engagement. The ASEAN-India Free Trade Area (AIFTA) agreement, which came into force in 2010, marked a major milestone in the economic relationship between India and ASEAN. This agreement eliminated tariffs on a range of goods and facilitated easier access to each other's markets, thus boosting trade.

### Trade Relations

Trade between India and ASEAN has seen impressive growth since the 1990s. ASEAN is currently one of India’s largest trading partners. The bilateral trade volume between India and ASEAN reached approximately USD 100 billion in 2023, with projections to grow further in the coming years. ASEAN accounts for nearly 10% of India’s total trade.

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