INDIA

The ministers said the developing economies of the 10-state Association of Southeast Asian Nations (ASEAN) grew at a collective 7.5 per cent in 2010, but predicted this could slip to below 6.0 per cent this year."The ministers noted that there are continuing challenges and downside risks including the sovereign debt crisis and fiscal problems in some developed markets, rising food and commodity prices, (and) continued financial market stresses," the ministers said in a statement after a meeting in Indonesia."The ministers agreed that ASEAN should remain vigilant in the face of these risks..."Economic growth in the ASEAN economies would be between 5.7 per cent and 6.4 per cent in 2011, with intra-regional trade and investment helping to offset weakness in the developed economies.The statement called for the bloc of around 600 million people to "harness its competitive strength through deeper integration".Initiatives to cut obstacles to the movement of goods and services in the region should be implemented in a "timely manner", in line with ASEAN's plans to create a harmonised economic community by 2015. [More]
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