16-Sep-2022: MoS Smt. Anupriya Patel Co-Chairs 19th ASEAN-India Economic Ministers’ Meeting in Siem Reap City, Cambodia

Smt. Anupriya Patel, Minister of State for Commerce and Industry along with H.E. Pan Sorasak, Minister of Commerce, Kingdom of Cambodia co-chaired the 19th ASEAN-India Economic Ministers’ meeting held on 16th September 2022 in Siem Reap City, Cambodia. The Economic Ministers or their representatives from all the 10 ASEAN countries Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam attended the meeting.

The Ministers noted that trade and economic relations between ASEAN and India are starting to recover from the impact of the COVID-19 pandemic and the two-way trade between ASEAN and India reached USD 91.5 billion in 2021 increasing by 39.2 per cent year-on-year. The Ministers also took note of the recommendations made by ASEAN India Business Council (AIBC) to enhance the ASEAN India economic partnership and the activities undertaken by AIBC in 2022.

The Ministers reaffirmed their commitment to take collective actions to mitigate the economic impact of the pandemic and work towards a sustainable post-COVID-19 recovery. The Ministers welcomed ASEAN and India to forge collective actions in securing a robust supply chain connectivity to maintain the flow of essential goods and services through the launching of ASEAN-India Trade in Goods Agreement (AITIGA) Upgrade Negotiations, mutual recognition of COVID-19 vaccination, vaccines production, public health surveillance, and medical technologies in moving forward with the post-pandemic recovery responses and facing future health crises.

Smt. Anupriya Patel briefed the meeting about the progress made by India in overcoming the COVID-19 pandemic with its current focus on vaccinating all eligible citizens and the major milestone of administration of 2 billion vaccine doses including booster doses achieved in July 2022, 18 months after the vaccination scheme started in January 2021. She also shared information on the steps taken by India in liberalising and simplifying its FDI policy resulting in the ever-increasing volumes of FDI inflows, setting new records. She invited ASEAN countries to invest in India and be partners in its success.

The Ministers welcomed the successful outcomes of the Twelfth World Trade Organization (WTO) Ministerial Conference held on 12-17 June 2022 in Geneva, Switzerland and reiterated their support for a rules-based, non-discriminatory, open, fair, inclusive, equitable, and transparent multilateral trading system, as embodied in the WTO.

In a significant development, the Ministers endorsed the Scope of the Review of the ASEAN-India Trade in Goods Agreement (AITIGA) to make it more user-friendly, simple, and trade facilitative for businesses, as well as responsive to the current global and regional challenges including supply chain disruptions. The Ministers also activated the AITIGA Joint Committee to undertake the review of AITIGA expeditiously.

Smt. Anupriya Patel reiterated India’s commitment to supporting a strong, unified and prosperous ASEAN and also to equitable and sustainable trade which balances the aspirations of both the partners.

14-Sep-2021: 18th ASEAN-India Economic Ministers’ (AEM) Consultations held

Smt. 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 held virtually on 14th September, 2021.

The meeting was attended by the Economic Ministers of all the 10 ASEAN countries Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

The Ministers took stock of the current pandemic situation and reaffirmed their commitment to take collective actions in mitigating the economic impact of the pandemic and ensuring resilient supply chains in the region. The Ministers appreciated the deepening trade and investment between ASEAN and India and the trade partners’ mutual support in combating the pandemic. India is ASEAN’s 7th largest trading partner and one of the largest sources of FDI.

Minister Smt. Anupriya Patel briefed the meeting on India’s current focus on the mass vaccination, capacity enhancements and the economic initiatives to address the pandemic challenges. She highlighted the widespread reforms undertaken by India in various sectors including 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. Ministers also took note of the recommendations of the ASEAN India Business Council (AIBC) to enhance the ASEAN India economic partnership.

The meeting actively discussed the early commencement of the ASEAN India Trade in Goods Agreement (AITIGA) Review. The Ministers noted status of the scoping exercise of the review and resolved to complete the process expeditiously to make the agreement trade facilitative, user-friendly with contemporary and streamlined customs and regulatory procedures. Smt. Patel highlighted that the trade arrangement has to be reciprocal, mutually beneficial and should balance the aspirations of both the partners. She emphasized the need for securing the FTA provisions to prevent misuse of the preferential treatment and also highlighted the non-tariff measures faced by Indian exporters in accessing ASEAN market especially in Agriculture and auto sector. Smt. Patel suggested that both sides should make earnest 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. The Minister also requested ASEAN to establish Joint Committees for the Review of the India-ASEAN Services and Investment Agreements without any delay.

Minister Smt. Patel underscored the importance India attached to its economic partnership with ASEAN and the strong historical and cultural ties between the partners and assured ASEAN of India’s support in its recovery efforts in the post pandemic period.

30-Aug-2020: 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.