Abstract: The Association of Southeast Asian Nations (ASEAN) is viewed as an important partner in the area of economic cooperation by such countries as Russia, United States, Japan, China, and the European Union. For India, this regions is extremely important for gaining access to new market channels, as well as establishment of geopolitical influence over neighboring countries. However, the association actively cooperates with China, which causes certain competition for leadership in the region and heightens India’s interests towards the countries of Southeast Asia. The subject of this research is the economic aspects of bilateral relations between India and ASEAN in the 1990’s. Studying the development of economic cooperation between India and ASEAN in the 1990’s is highly relevant, as the relationship between the countries is the key element of foreign policy and major vector of India’s Look East policy. The scientific interest is substantiated by the ability to analyze factor that influences the bilateral relations, as well as determine potential obstacles in their development. India’s approach to ASEAN is also motivated by the political interests. It is evident that due to the rich resource base alongside scientific and technological potential, the countries of Southeast Asia appear to be strategically important for India. Besides the resource objectives, the alignment with ASEAN opened an opportunity to access the new markets, namely East Asia and Pacific Rim.