San Francisco

June 21, 2019

• The India's vision for Indo -Pacific was elaborated upon by the Prime Minister in his address at the Shangri-La Dialogue last year. He outlined elements of our vision as :
• a free, open and inclusive region which embraces all in a common pursuit of progress and prosperity;
• ASEAN is central to building a security architecture for the region;
• a common rules-based order which applies equally to all and to the global commons, including believing in sovereignty, territorial integrity and equality of all nations;
• equal access to the use of common spaces on sea and air, including freedom of navigation, unimpeded commerce and peaceful settlement of disputes in accordance with international law;
• open and stable international trade regime which is also rule-based and balanced;
• promoting connectivity initiatives to build bridges of trust and based on respect for sovereignty and territorial integrity, consultation, good governance, transparency, viability, sustainability and responsible debt financing practices.
• India has been a positive and stabilizing partner of the US in South Asia and Indo-Pacific region.
• India and the US have formed a robust dialogue with each other and other partners to secure a peaceful, prosperous and inclusive Indo-Pacific.
• We are working very well with the U.S. side to make a success of our Indo-Pacific vision and strategy. The launch of India-US-Japan Summit-level Trilateral during 2017 and regular official meetings of the Quadrilateral with Japan and Australia have been a positive development.
• Asia and Pacific region accounts for more than two-fifths of the share of global GDP in PPP (purchasing power parity) terms. Demographics and growth underpin the business attractiveness of this region. By 2025, two-thirds of the world's population will live in Asia, compared with just over a tenth in the West.
• As per the ADB's report on 'Key Indicators for Asia and the Pacific 2018', the three largest economies in Asia and the Pacific - People's Republic of China, India, and Japan - accounted for more than 70 per cent of the region's GDP in terms of PPP in 2017 from about 63 per cent in 2000. India's share in the GDP of Asia and Pacific region has increased to 17.3 per cent in 2017 from 14.6 per cent in 2000. The ADB reckons that the Asia Pacific region accounts for 60% of the world's growth.
• It is the most dynamic and one of the youngest and fastest growing regions of the world with four of the five projected highest growth rate countries: China, India, Indonesia, and the Philippines. In the next five years, nearly half of all growth outside the US will happen in Asia. By 2050, the region's share of world GDP will double and the region will account for half of the world's GDP.
• Trade: One-third of India's goods exports are to economies in the Asia-Pacific region. Among the non-regional markets, the United States is the largest export partner, Within the region, the main export partners include Hong Kong, China (5.1%) and China (3.4%). Meanwhile, 43.7% of goods imports were from the Asia-Pacific region, with China being the largest supplier and accounting for nearly 20% of total imports. In the South and South-West Asia sub-region, India is the largest trading partner for several economies, such as Bhutan, Nepal and Sri Lanka.
• India has 14 trade agreements in force, 0 signed agreements pending ratification, and 13 trade agreements under negotiation. All 14 are with countries in the Asia-Pacific region. In 2018, India exchanged tariff concessions on 3,142 tariff lines (or goods) with all member countries of Asia Pacific Trade Agreement (APTA) and special concessions on 48 tariff lines for LDCs, with Bangladesh and Laos.
• The Lowy Institute Asia Power Index measures power across 25 countries and territories in the Asia-Pacific region. India is ranked fourth overall on the inaugural index. The index cited India as a "giant of the future". Among the key findings from the inaugural 2018 index are that the US remains the pre-eminent power in Asia, while China, the emerging superpower, is rapidly closing in on the United States. Japan and India share major power status.

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