This was stated by commerce secretary P P Prabhu while inaugurating the first meeting of the Asean-India working group on trade and investment in here on Monday.

Prabhu also said despite the South-East Asian crisis, India had not raised any tariff or non-tariff barriers to protect its trade and investment.

S T Devare, secretary in the external affairs ministry, in his address said in the face of the South-East Asian currency crisis and the difficulties that India might face in the context of recent developments should make the two sides redouble efforts to strengthen and diversify trade and investment relations.

He said a consultative mechanism to pursue and resolve trade and market access issues between India and Asean was necessary.

Devare said the working group became an effective vehicle for discussion andconsultation between the Asean and India on WTO-related issues.

He also informed that arrangements to establish connectivity between India data networks and the Asean WEB was being worked out to ensure regular information exchange. H Abdul Jalil, leader of the Asean delegation, said the establishment of the working group reflected the commitment of both parties to enhance trade and investment flows between the two. He said Asians should target foreign direct investment which is long-term and builds the real economy rather than short-term capital.