India’s trade relation with Cambodia, Laos, Myanmar and Vietnam (CLMV) countries has immense potential, and “connectivity” and “economic integration” with regional value chains were crucial in this regard, Union Minister Nirmala Sitharaman said on 12 January at Chennai.
The trade links and ties between India and CLMV countries can be much better.
The two governing principles -connectivity and economic integration- with regional value chains are crucial”, Sitharaman said at the inauguration of CLMV Business Conclave organized by CII and Ministry of Commerce and Industry.
India’s trade with the CLMV countries is over USD 11,000 million and there is immense potential.
She pointed out a study conducted by Ministry of External Affairs that there was huge potential of about USD 100 billion of additional export to the CLMV countries.
H E Sun Chanthol, Senior Minister and Minister of Commerce of the Kingdom of Cambodia said the trade investment between India and ASEAN countries were “crucial” since CLMV countries constitute about 32 per cent of ASEAN region.”
CLMV countries and India should work together to strengthen the strategic partnership to reduce the poverty, he said.