Sydney, Oct 18: India, which is now looking to the ASEAN region in its trade policy, might be the next "big story" in economic growth, Australian Reserve Bank Governor I J Macfarlane has said. "China is currently the big story, just as India will probably be the next", he said while delivering the 10th Annual Sir Edward "Weary" Dunlop Asialink Lecture in Melbourne yesterday.

Speaking on the role of Asia in the future of Australia's economy, Macfarlane said, "Of course, the global economy does not stand still and we do not know how the recent trends within Asia will develop."
"The story of the rise of China seems likely to have some way yet to run. But I doubt that the rise in importance of China, and its impact on Australia, will turn out to be the end of the story for Asia because the next chapter will probably contain a greater role for India".
"It is noteworthy too that India is now looking to the Asian region in its trade policy, recently concluding an agreement with ASEAN to eliminate most tariffs within eight years, at the same time as ASEAN is eliminating internal tariff barriers and concluding free trade agreements with China and Japan," he said.
Bureau Report