19th ASEAN-India Economic Ministers' meeting
23rd Sep, 2022
Recently, the 19th ASEAN-India Economic Ministers Consultations was held in the Siem Reap City, Cambodia.
Highlights of the Meeting:
- Acknowledged Economic achievements: Trade and economic relations between ASEAN and India are starting to recover from the impact of the Covid-19 pandemic and the two-way trade between ASEAN and India reached USD 91.5 billion in 2021 increasing by 39.2% year-on-year.
- ASEAN India Business Council: Recommendations made by ASEAN India Business Council (AIBC) to enhance the ASEAN India economic partnership were considered.
- Supply Chain Connectivity: The member countries welcomed ASEAN and India’s collective actions, through the launching of the ASEAN-India Trade in Goods Agreement (AITIGA) Upgrade Negotiations in securing a robust supply chain to maintain the flow of essential goods and services.
- ASEAN India Trade in Goods Agreement: The Ministers endorsed the Scope of the Review of the AITIGA to make it more user-friendly, simple, and trade facilitative for businesses, as well as responsive to the current global and regional challenges including supply chain disruptions.
- The Ministers also activated the AITIGA Joint Committee to undertake the review of AITIGA expeditiously.
About the Association of Southeast Asian Nations (ASEAN):
Commodity trade between India and ASEAN
- Trade reached 98.39 billion in the period April 2021- February 2022.
- India’s main trading ties are with Indonesia, Singapore, Malaysia, Vietnam, and Thailand.
- Established in 1967 in Bangkok, Thailand, ASEAN is a regional grouping that promotes economic, political, and security cooperation.
- Its chairmanship rotates annually, based on the alphabetical order of the English names of Member States.
- ASEAN countries have a total population of 650 million people and a combined Gross Domestic Product (GDP) of USD 2.8 trillion.
- Members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam – into one organization.