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World Affairs, Economy
Mahesh

22/08/23 06:14 AM IST

India participates in 20th ASEAN-India Economic Ministers’ Meeting

In News
  • Recently, India participated in the 20th ASEAN-India Economic Ministers’ meeting in Semarang, Indonesia.
Major Highlights
  • The Ministers reviewed the bilateral trade and investment relations between India and ASEAN and underscored their commitment to strengthen and enhance the economic partnership between India and ASEAN.
  • The trade with ASEAN accounted for 11.3% of India’s global trade in 2022-23.
  • The main agenda of this year’s meeting was the timely review of ASEAN-India Trade in Goods Agreement (AITIGA) which was signed in 2009.
  • The review of AITIGA is expected to enhance and diversify trade while addressing the current asymmetry in the bilateral trade.
ASEAN
  • It is a regional grouping that promotes economic, political, and security cooperation.
  • It was established in August 1967 in Bangkok, Thailand with the signing of the ASEAN Declaration (Bangkok Declaration) by the founding fathers of ASEAN, namely Indonesia, Malaysia, Philippines, Singapore and Thailand.
  • Its chairmanship rotates annually, based on the alphabetical order of the English names of Member States.
  • ASEAN countries have a total population of 650 million people and a combined Gross Domestic Product (GDP) of USD 2.8 trillion.
  • Commodity trade between India and ASEAN region has reached 98.39 billion in the period April 2021- February 2022.India’s main trading ties are with Indonesia, Singapore, Malaysia, Vietnam and Thailand.
  • ASEAN brings together ten Southeast Asian states – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – into one organisation.
Source- PIB

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