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.
Minister Patel underscored the importance India attached to its economic partnership with ASEAN along with the strong historical and cultural ties between partners and assured ASEAN of India’s support in the recovery efforts in Post Pandemic Period.