Act East policy by India has been welcomed warmly by its neighbors to the East. Singapore is the latest on the fold. Foreign Minister Vivian Balakrishnan said the policy had strengthened the two-way trade and investment. Vivian was speaking at the INDO-ASEAN business summit.
He said the policy would promote ASEAN centrality and open regional architecture. He noted that free taxation and monetization pipeline would increase private sector investment and in return improve infrastructure.
"In the recent days, trade volume has massively increased between Singapore and India. Since the 2010 ASEAN - Indian free trade, the business has almost doubled to 77billion USD, even during the Covid-19 pandemic we supported each other in the smooth supply of basic requirements," He said.
He gave credit to his counterpart A Jaishankar saying during their recent meeting in New York, they agreed to enhance cooperation between them. He further revealed that both nations are planning to review trade agreements to benefit from it.
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