ASEAN-India Economic Ministers’ Consultations

ASEAN-India Economic Ministers’ Consultations

Part of: GS Prelims and GS-II- International relations; Global Groupings

In news

• Recently, the 17th ASEAN-India Economic Ministers Consultations was held virtually, co-chaired by India and Vietnam.

Key takeaways

• The meeting was attended by the Trade Ministers of all the 10 ASEAN (Association of Southeast Asian Nations) countries.
• The Ministers reaffirmed their commitment to take collective actions in mitigating the economic impact of the Covid-19 pandemic.
• They also resolved to ensure macroeconomic and financial stability and resilient supply chain connectivity.
• The report of the ASEAN India Business Council (AIBC) was placed.
• It was also recommended that the ASEAN India Trade in Goods Agreement (AITIGA) be reviewed for mutual benefit.
• Discussions on review of the ASEAN India Trade in Goods Agreement (AITIGA) took place.

Important value additions

• ASEAN India-Business Council (AIBC) was set up in March 2003 as a forum to bring key private sector players from India and the ASEAN countries on a single platform for business networking and sharing of ideas.
• The AITIGA is a Free Trade Agreement (FTA) among ASEAN countries and India which came into force in January, 2010.
• ASEAN countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

Daily Current Affairs IAS | UPSC Prelims and Mains Exam – 26th February 2020

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