US India Global Review 2018

6 US-INDIA GLOBAL REVIEW APRIL-JUNE 2018 low-cost production, availability of qualified researchers, robust patent regime and liberalised FDI policies. Recent government initia- tives Government of India has under- taken various initiatives to affirm its relationship with the ASEAN community. In addition to provid- ing support in various areas, such as promoting socio-cultural inte- gration and minimising the devel- opment gap between ASEAN member states, India is working on various economic initiatives to strengthen its relationship with ASEAN. Enhancing connectivity (physical as well as digital) can provide an added impetus to growth of trade and investment opportunities between both par- ties. Key initiatives in this regard include: Trade and investment • ASEAN-India Agreement on Trade in Service was signed in November 2014 with an aim to increase movement of labour between India and ASEAN. The agreement lists the provisions on domestic regulations, recognition, market access, national treatment and dispute settlement proce- dures during services exchange among India and ASEAN trans- acting parties. • The ASEAN-India Agreement in Investment was also signed in November 2014 to boost flow of investments. The investment agreement stipulates protection of investment to ensure fair and equitable treatment for investors, non-discriminatory treatment in expropriation or nationalisation and fair compensation. • ASEAN-India Trade Negotiating Committee was reconvened in 2015 to monitor problems associated with ASEAN- India Trade in Goods Agreement that came into effect in 2010. The committee aims to promote and increase the Free Trade Agreement utilisation between India and ASEAN. • In August 2017, India created a Project Development Fund (PDF) with a corpus of USD77.0 million to develop manufacturing hubs in Cambodia, Laos Myanmar and Vietnam (CLMV). In addition, EXIM Bank of India also provided lines of credit worth USD750.0 million for projects in power, irriga- tion and railways, among others to CLMV countries. Connectivity • Promote and expedite devel- opment of roads, railways, sea- ports, maritime logistics network and other related physical infra- structure. This is aimed to extend economic integration, facilitate movement of goods and mobilise The President, Ram Nath Kovind, the Vice President, M. Venkaiah Naidu, the PM, Narendra Modi and other dignitaries, at Rajpath, on the occasion of the 69th Republic Day Parade 2018, in New Delhi on January 26, 2018. Photo: PIB