India assures ASEAN partners of India’s support in recovery efforts in Post-Pandemic Period
Anupriya Patel, Dr. Amin Liew Abdullah, Brunei Darussalam, co-chaired ASEAN-India Economic Ministers Consultations
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New Delhi, September 15: Anupriya Patel, Minister of State for Commerce and Industry and H.E. Dato Dr. Amin Liew Abdullah, Minister of Finance and Economy, Brunei Darussalam, co-chaired the 18th ASEAN-India Economic Ministers Consultations, which was held virtually on 14th September, 2021.
The Economic Ministers of all the 10 ASEAN countries Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam, all attended the meeting.
The Ministers considered the current pandemic situation and reaffirmed their commitment to take collective actions about mitigating the economic impact of the pandemic and ensuring strong supply chains in the area.
The Ministers appreciated the deepening trade and investment between ASEAN and India and the trade partners’ mutual support in fighting the pandemic. India is ASEAN’s 7th largest trading partner.
Minister Anupriya Patel briefed the meeting on India’s current focus on mass vaccination, capacity enhancements and economic initiatives to address the pandemic challenges. She talked about reforms undertaken by India in various sectors like agriculture, banking, insurance, logistics, corporate laws, investment regime etc. She invited ASEAN countries to invest in India in potential sectors, including health and pharmaceutical sector.
The meeting discussed early start of the ASEAN India Trade in Goods Agreement (AITIGA).
Patel also highlighted that trade arrangement has to be reciprocal, mutually beneficial and balance the aspirations of both partners. She emphasized need for securing the FTA provisions to prevent misuse of preferential treatment.
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The non-tariff measures faced by Indian exporters in accessing ASEAN market especially in Agriculture and auto sector was also highlighted. Patel suggested that both sides must make efforts to finalize the Scoping Paper before the ASEAN-India Leaders’ Summit scheduled in October, 2021 and to announce the review before the end of this year.
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The Minister also requested ASEAN to establish Joint Committees for the Review of the India-ASEAN Services and Investment Agreements without much delay.