19TH ASEAN-INDIA ECONOMIC MINISTERS’ MEETING

• Recently, India and Cambodia co-chaired the 19th ASEAN-India Economic Ministers’ meeting in Cambodia.
• The Economic Ministers or their representatives from all the 10 ASEAN countries attended the meeting.
• The Ministers noted that 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.
• The Ministers also took note of the recommendations made by ASEAN India Business Council (AIBC) to enhance the ASEAN India economic partnership and the activities undertaken by AIBC in 2022.
• 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.
• Ministers reaffirmed their commitment to take collective actions to mitigate the economic impact of the pandemic and work towards a sustainable post-Covid-19 recovery.
• The Ministers welcomed ASEAN and India to forge collective actions in securing a robust supply chain connectivity to maintain the flow of essential goods and services through ASEAN-India Trade in Goods Agreement (AITIGA) Upgrade Negotiations, mutual recognition of Covid-19 vaccination, vaccines production, public health surveillance, and medical technologies.

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.

SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT