Home » Commerce and Industry » 17TH ASEAN-India Economic Ministers’ Consultations held

17TH ASEAN-India Economic Ministers’ Consultations held

Shri Piyush Goyal, Minister of Commerce and Industry & Railways and H.E. Tran Tuan Anh, Minister of Industry and Trade of Vietnam co-chaired the 17th ASEAN-India Economic Ministers Consultations held virtually on 29th August 2020. The meeting was attended by the Trade Ministers of all the 10 ASEAN countries Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. The Ministers reaffirmed their commitment to take collective actions in mitigating the economic impact of the pandemic and resolved to ensure macroeconomic and financial stability and resilient supply chain connectivity, particularly the unimpeded flow of essential goods and medicines in the region, in compliance with the WTO rules.

The Ministers’ discussion centred on the review of the ASEAN India Trade in Goods Agreement (AITIGA). The Ministers appreciated the growing trade ties and deepening economic engagement between two parties.  The report of the ASEAN India Business Council (AIBC) was placed before the Ministers. The AIBC Report has recommended that the AITIGA be reviewed for mutual benefit. The Ministers from India and ASEAN countries instructed the senior officials to start the discussions to determine the scope of the review at the earliest to, inter-alia, make the Free Trade Agreement more user-friendly, simple, and trade facilitative for businesses. The review will make the Agreement modern with contemporary trade facilitative practices, and streamlined customs and regulatory procedures.

Initiating the discussion, Shri Goyal highlighted that the Free Trade Agreement has to be mutually beneficial and a win-win for all sides. Shri Goyal expressed the need to strengthen the Rules of Origin provisions, work towards removal of non-tariff barriers and provide better market access. Minister Goyal reiterated India’s consistent position that the review of the AITIGA has been inordinately delayed and requested for closer engagement towards finalization of the scoping exercise, before the ASEAN-India Leaders’ Summit scheduled in November 2020 and to start the full review before the end of this year. Minister Goyal also stated that India and ASEAN shared a close friendship, strongly tied with historical, cultural and traditional bonds and this relationship will continue to grow for the prosperity of the people of India and the ASEAN countries.

India also made suggestions to further strengthen the AIBC and the Forum agreed to consider these suggestions to deepen the economic engagement between the two parties.

About IIPnews

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

Seafood products export from India during the last three years has increases from US$ 6679 million in FY 2019-20 to an all-time high record figure of US$ 7759.58 million in FY 2021-22

Seafood products export from India during the last three years has increased from US$ 6679 ...

Centre takes proactive steps to promote the GI tagged products in the global market

The Government has taken several proactive steps to promote the GI tagged products in the ...

Centre formulates ‘Action Plan for Champion Sectors in Services’ to give focused attention to 12 identified Champion Services Sectors

Centre has formulated ‘Action Plan for Champion Sectors in Services’ to give focused attention to ...

The Fund of Funds Scheme (FFS) for startups commits Rs. 7,980 crores to 99 Alternative Investment Funds (AIFs) and Rs. 3,400 crores to 72 AIFs which have in turn made investments of Rs. 14,077 crore in 791 startups

As on 31st December 2022, under the Fund of Funds Scheme (FFS) for startups, Rs. ...

Rs. 477.25 crore approved to 133 incubators under the Startup India Seed Fund Scheme (SISFS)

The Startup India Seed Fund Scheme (SISFS), a flagship scheme under Startup India initiative has ...

Union Budget to give a boost to exports and manufacturing

Union Budget 2023-24 has a slew of measures to give boost to exports and help ...

Final growth rate of Index of Eight Core Industries for September 2022 is revised to 8.3 per cent from its provisional level 7.9 per cent

The combined Index of Eight Core Industries (ICI) increased by 7.4 per cent (provisional) in December 2022 ...

G20-Startup20 Engagement Group set to meet in Hyderabad; India to convene global support for start-ups, strengthen ecosystem synergies

The G20 Startup20 Engagement Group will hold its inception meeting in Hyderabad this week, featuring ...

Measures taken by Government to boost exports

The Government has taken the following measures to boost exports and reduce trade deficit: Foreign ...

Indian Footwear and Leather Development Programme (IFLDP)

Central Government on 19th January 2022, has approved the continuation of Central Sector Scheme ‘Indian ...

WP2Social Auto Publish Powered By : XYZScripts.com