Part of: Prelims and GS – II – International Relations
In News: The meeting was attended by the Economic Ministers of all the 10 ASEAN countries Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
Points discussed:
Took stock of the current pandemic situation and reaffirmed their commitment to take collective actions in mitigating the economic impact of the pandemic and ensuring resilient supply chains in the region.
Appreciated the deepening trade and investment between ASEAN and India and the trade partners’ mutual support in combating the pandemic. India is ASEAN’s 7th largest trading partner and one of the largest sources of FDI.
Actively discussed the early commencement of the ASEAN India Trade in Goods Agreement (AITIGA) Review.
India –
Highlighted that the trade arrangement has to be reciprocal, mutually beneficial and should balance the aspirations of both the partners.
Need for securing the FTA provisions to prevent misuse of the preferential treatment
Suggested that both sides should make earnest efforts to finalize the Scoping Paper before the ASEAN-India Leaders’ Summit
Requested ASEAN to establish Joint Committees for the Review of the India-ASEAN Services and Investment Agreements without any delay.
Highlighted India’s current focus on the mass vaccination, capacity enhancements and the economic initiatives to address the pandemic challenges, the widespread reforms undertaken by India in various sectors including agriculture, banking, insurance, logistics, corporate laws, investment regime etc.
Invited ASEAN countries to invest in India in potential sectors, including health and pharmaceutical sector.
