India looking for trade pact with China, Korea and Japan

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May 5

India looking for trade pact with China, Korea and Japan

Razib Ahmed

Know More: Asian Development Bank (ADB), China, India, India FDI 2.0, India FDI

China, Japan, India and Korea are the largest economies in Asia. Well, India's 1 billion plus population is a factor in taking India in this category and the reality is that India is yet to become a developed country like Japan and Korea. Japan and Korea are among the richest countries not just in Asia but also in the world. On the other hand, Chinese economy is growing very fast and India has still some catching up to do. Now, India is trying to have a trade pact China, Korea and Japan. India has already signed such trade agreements with South Asian countries (SAARC Members), Thailand and Singapore and India is discussing with similar trade pact with the GCC countries in Middle East.

Indian Prime Minister Manmohan Singh today stated this matter in the annual meeting of the Asian Development Bank (ADB). I have not seen any official reaction from China, Korea and Japan yet about this matter. I guess they will like this idea too. Well, India is pursuing aggressive economic policy because of the fact that with unemployment is still a big problem for the country and every year 12 million new faces join the Indian workforce. Indian decision makers are perhaps hoping that a closer relationship will help India to emulate the huge success of the 3 Asian giants in the manufacturing sector. For India, creating jobs in large number is the most important matter and it can only come in the manufacturing sector.

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