Union Minister of Commerce and Industry, Piyush Goyal, is set to participate in the 21st ASEAN-India Economic Ministers (AEM-India) meeting and the 12th East Asia Summit Economic Ministers Meeting (EAS EMM). The meetings are scheduled to take place on September 20-21, 2024, in Vientiane, Lao People’s Democratic Republic (Laos), according to a statement from the Ministry of Commerce and Industry.
Focus on ASEAN-India Trade in Goods Agreement (AITIGA)
At the AEM-India meeting, the ministers will review the progress of negotiations for the ASEAN-India Trade in Goods Agreement (AITIGA). This review is a top priority for both sides, aiming to make the agreement more user-friendly, simple, and trade-facilitative for businesses. Enhancing the agreement is expected to strengthen trade ties between India and ASEAN, one of India’s key trading partners.
Global and Regional Economic Discussions at EAS EMM
During the East Asia Summit Economic Ministers Meeting (EAS EMM), the ministers will deliberate on important regional and global economic developments. India, a founding member of the East Asia Summit Forum, will play a crucial role in these discussions as the forum approaches its 20th anniversary in 2025.
Bilateral Meetings and Strategic Engagements
On the sidelines of the institutional meetings, Goyal is scheduled to hold bilateral discussions with his counterparts from participating nations. Meetings have been planned with ministers from Lao PDR, Korea, Malaysia, Switzerland, and Myanmar, underscoring India’s commitment to strengthening international economic relations.
In addition, Goyal will meet the ASEAN Secretary General and the President of the Economic Research Institute for ASEAN and East Asia (ERIA), a key research body for the Asia-Pacific region. He will also interact with the Indian diaspora in Laos and hold discussions with a visiting industry delegation from India and ASEAN.
India-ASEAN Economic Partnership
India’s partnership with ASEAN dates back to 1992 when it became a Sectoral Dialogue Partner, and in 2022, India was elevated to a Comprehensive Strategic Partner. ASEAN has emerged as one of India’s largest trading partners, ranking as the second-largest trading partner for two consecutive years.
India formalized its economic ties with ASEAN through the signing of the ASEAN-India Framework Agreement on Comprehensive Economic Cooperation at the 2nd ASEAN-India Summit in 2003. The ASEAN-India Trade in Goods Agreement (AITIGA), which came into force on January 1, 2010, has since facilitated increased trade between the two regions.
Importance of East Asia Summit (EAS)
The East Asia Summit (EAS) is a key economic forum, involving 10 ASEAN member countries and 8 additional partners, including India, the USA, Russia, China, Japan, Korea, Australia, and New Zealand. The EAS EMM provides a platform for discussing economic issues of regional and global importance.
With India’s participation, the meetings promise to further strengthen India’s economic and strategic ties with ASEAN and other key global partners.
The 21st AEM-India and 12th EAS EMM meetings reflect India’s ongoing commitment to enhancing trade relations and fostering economic cooperation with the broader Asia-Pacific region.
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