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
