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Eighth East Asia Summit Economic Ministers’ Meeting

  • IASbaba
  • September 4, 2020
  • 0
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Eighth East Asia Summit Economic Ministers’ Meeting

Part of: GS Prelims and GS-II- Global Groupings; International relations & GS-III – Trade

In news

  • Recently, the 8th East Asia Summit Economic Ministers’ Meeting (EAS-EMM) was held virtually. 
  • Attended by: 10 ASEAN members and eight other nations, including India, the USA, and China.

Key takeaways 

  • The importance of strengthening regional supply chains to make them resilient in times of Covid-19 pandemic and to increase economic growth was highlighted. 
  • Any trade-restrictive emergency measures put in place to address the impact of Covid-19 must be consistent with the WTO rules. 
  • They must not create unnecessary barriers to trade. 
  • Support for the necessary reforms in the WTO was also discussed.
  • Facilitating the essential movement of people across borders.
  • Commitment to facilitate supply chain connectivity and inclusion of essential goods. 
  • Harness the opportunities of the digital economy to overcome the challenges posed by restricted movement.

Important value additions

East Asia Summit

  • It was established in 2005. 
  • It is a forum of 18 regional leaders for strategic dialogue and cooperation on the key political, security, and economic challenges facing the Indo-Pacific region.
  • India is one of the founding members of the East Asia Summit.
  • Membership: ASEAN members and 8 other countries namely Australia, China, Japan, India, New Zealand, South Korea, Russia and USA.
  • It is an ASEAN-centred forum so it can only be chaired by an ASEAN member.
  • ASEAN members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.

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