India “Looks East”
By Indrajit Ghosh – Director, India and South Asia, DisplaySearch
India and the 10-nation Association of South East Asian Nations (ASEAN) have agreed to a free trade agreement. The agreement, signed in Bangkok by the Indian Minister of Commerce and his ASEAN counterpart, will allow Indian exporters access to the $1.1 trillion ASEAN market, while ASEAN exporters will get access to the second fastest-growing economy in the world.
The agreement is expected to have a significant effect on the trade of consumer durables, particularly TVs. Sony India is currently the highest importer of LCD TVs from the ASEAN region.
This agreement follows the Comprehensive Economic Partnership Agreement (CEPA) between India and South Korea, which in effect is also a free trade agreement. India’s strategy is to engage influential East Asian nations with strong economies more comprehensively in what is known as the “Look East” policy. India has a good amount of cultural influence in this region, and is looking to build its economic connections as well.
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