India is stretching its arm towards ASEAN nations, embracing the collective bloc by forging strategic collaborations. Indian Prime Minister Narendra Modi is scheduled to embark on an ASEAN tour soon, which outlines how valuable the southeast is to India regarding mutual trade and commercial proceedings.
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Act East Policy: India-ASEAN’s United Front
Modi’s Diplomatic Mission to Southeast Nations
Modi’s visit to the Southeast Nations is a testament to their age-old cultural mechanisms and heritage. PM Modi will soon be visiting Singapore and Brunei Darussalam, two prominent ASEAN nations, in the quest to launch compelling new collaborations that may help benefit the nations involved.
Strengthening Ties Through Act East Policy
To foster this narrative, India launched the Act East Policy, an undertaking in which India would float crucial policies to strengthen its ties with the meeting Southeast Asian nations. Modi’s upcoming diplomatic mission is set to trigger a chain event, a series of strategic partnerships that may play an elemental role in stabilizing India and ASEAN’s positioning on a global level.
Recent Collaborative Endeavours
This is not the first time India has initiated collaborative endeavours with ASEAN. Recently, the government of India extended its UPI service with Singapore, establishing a robust digital linkage with both nations. At the same time, Indian investments in Singapore have also surged recently, boosting success parameters for both nations.
Bolstering Ties with Brunei Darussalam
In addition to this, Modi will also visit Brunei Darussalam to bolster India’s ties with other leading ASEAN nations. Brunei harbors a rich Indian diaspora employed in oil and gas areas. Modi’s upcoming diplomatic mission is dubbed crucial, as it comes at a time when Southeast Asia is slowly emerging as a central hub for diverse economic activities.
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Will The Local Currency Agenda Pick Up Speed After This Meeting?
ASEAN and India have always shared similar interests when it comes to promoting the local currency narrative.
Recently, ASEAN has been working on improving its connectivity with other nations and, at the same time, conducting trade with local currencies by ditching the US dollar. The news of ASEAN working on launching a new currency is also catching steam. The new currency intends to rival the USD and Euro in its quest.
India’s Role in BRICS
As an active member of BRICS, India is also vying for global supremacy. The alliance has long been working on launching its currency, which may add additional pressure on the USD.
ASEAN Nations’ Interest in BRICS
Various ASEAN nations have also expressed their desire to join BRICS. The development may emerge as a separate avenue for discussion during Modi’s visit to Singapore and Brunei.
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