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18TH ASEAN-INDIA ECONOMIC MINISTERS CONSULTATIONS

18TH ASEAN-INDIA ECONOMIC MINISTERS CONSULTATIONS

Context:

India has reassured ASEAN partners for its support in recovery efforts after the epidemic during the consultation meeting of the 18th ASEAN-India Economic Ministers Consultations meeting.

About the Meeting:

  • There were Economic Ministers from all ten ASEAN countries namely, Brunei, Indonesia, Laos, Cambodia, Malaysia, Myanmar, Singapore, the Philippines, Thailand and Vietnam.
  • During the meeting, Ministers reviewed the current epidemic of covid-19 and reaffirmed their commitment to co-operating in reducing economic impacts.
  • Ministers also reaffirmed the strengthening of supply chains in the region.
  • They have been able to deepen trade and investment among ASEAN.
  • The Indian side explained that India's current focus is on vaccinations, power development and economic programs to reduce challenges.
  • India has also invited ASEAN countries to invest in India in potential sectors such as health and medicine.

India-ASEAN Relations:

  • The relationship with ASEAN is an important pillar of India's foreign policy and the basis of the Act East Policy.
  • India has introduced a separate Mission to ASEAN and EAS in Jakarta.
  •  India and ASEAN have completed 25 years of Negotiation Partnerships without 15 years of conference-level communication and 5 years of strategic partnership.
  • ASEAN is the seventh-largest trading partner in India.
  • India and ASEAN trade is about 10.6% of India's total trade while India's exports to ASEAN are about 11.28% of total trade.

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