'Indian exports to ASEAN to touch $280 bn in 10 years'

 Indian exports to Association of South East Asian Nations (ASEAN), a bloc of  10-nations, is expected to reach $280 billion in the next 10 years, says a report prepared by banking major Standard Chartered research report.

According to the global financial services major, the India-ASEAN trade corridor, currently worth around $80 billion, has been growing fast at a compound annual growth rate of 23 per cent over the past decade.

In fiscal 2014, India’s exports to the bloc stood at $33.13 billion. In addition, the new Indian government has prioritised strengthening ties with the Association of South East Asian Nations.

“We expect exports to ASEAN to reach $280 billion in 10 years, at which point it would hold a 15 per cent share in Indian exports,” said the  Standard Chartered report.