ASEAN Service Industry

Latest Report: INDIA-ASEAN: Trade in Services Agreement

ASEAN Countries

Comparative Chart INDIA - ASEAN Countries

*Source: UNCTAD Report 2015
* 2013 Data

ASEAN: Insights

  • ASEAN is on its way to becoming the 4th largest economy by 2050
  • ASEAN is more populated than Europe, with the world's 3rd largest labor force to give skilled manpower to the world
  • 67 million ASEAN households were in the consuming class in 2014; it could double to 125 million by 2025 due to rising consumerism
  • India is the sixth largest trade partner for ASEAN
  • Trade between India and ASEAN stood at US$ 76.52 billion in 2014-15
  • India's exports to ASEAN were US$ 31.81 billion and its imports from the grouping were US$ 44.71 billion
  • ASEAN hosts 227 of the world companies with more than US$ 1 billion in revenues, which is only 3 per cent of the world's total revenue
  • ASEAN is the world's 4th largest exporting region, behind the EU, US and China
  • Income differences between ASEAN member states are 7 times higher than the EU's having tremendous scope for growth and partnership
  • ASEAN aims at creating jobs, prosperity and a single production base to become more than just the sums of its 10 members

Overview

There ASEAN Economic Community is the realization of the end-goal of economic integration as outlined in the ASEAN Vision 2020, to create a stable, prosperous and highly competitive ASEAN economic region in which there is a free flow of goods, services, investment and a free flow of capital, equitable economic development and reduced poverty and socio-economic disparities in year 2020.

Free flow of trade in services is one of the important elements in realizing ASEAN Economic Community, where there will be substantially no restriction to ASEAN services suppliers in providing services and in establishing companies across national borders within the region, subject to domestic regulations.

The growth rebalancing model's emphasis on environmental protection, low carbon growth, and green strategies places the spotlight on new areas of services investment where ASEAN countries could develop market niches.