Eighth East Asia Summit Economic Ministers’ Meeting

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.