19th ASEAN-India Economic Ministers’ Meeting

Today we will discuss 19th ASEAN-India Economic Ministers’ Meeting in our daily edition of Current Affairs. Read further to upgrade your UPSC CSE knowledge and also understand the topic’s relevance to the UPSC syllabus.

For Prelims: International Relations, ASEAN, Bilateral Relations, Trade and Economic Relations.

About: 19th ASEAN-India Economic Ministers’ Meeting, India’s Commitment for ASEAN, ASEAN India Business Council (AIBC), Supply Chain Connectivity, ASEAN-India Trade in Goods Agreement (AITIGA).

Probable Question

 Discuss the significance of the 19th ASEAN-India Economic Ministers’ meeting.

Context

Recently the Minister of State for Commerce and Industry along with the Ministry of Commerce,  Kingdom of Cambodia co-chaired the 19th ASEAN-India Economic Ministers’ meeting, in Siem Reap City, Cambodia.

About the 19th ASEAN-India Economic Ministers’ Meeting

• Trade and Economic Relations: Trade and economic relations are improving between ASEAN and India, post COVID-19 pandemic.
• ASEAN India Business Council (AIBC): It recommends India to enhance the ASEAN-India economic partnership and the activities undertaken by AIBC in 2022.
• Supply Chain Connectivity: Collective actions should be taken by ASEAN and India, in this regard, through the launching of the ASEAN-India Trade in Goods Agreement (AITIGA) Upgrade Negotiations, mutual recognition of COVID-19 vaccination, vaccines production, public health surveillance, and medical technologies.
• ASEAN-India Trade in Goods Agreement (AITIGA):
  • To make AITIGA more user-friendly, facilitate trade, responsive to the current global and regional challenges, the Ministers endorsed the scope of its Review.
  • The Ministers also activated the AITIGA Joint Committee to undertake the review of AITIGA expeditiously.

India’s Commitment to ASEAN

• To support a strong, unified, and prosperous ASEAN.
• To engage into equitable and sustainable trade which balances the aspirations of both the partners.

About ASEAN

• Full Form: ASEAN stands for Association of Southeast Asian Nations.
• Establishment: It was established on 8 August 1967 in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration).
• Member Countries:
  • Founding Fathers of ASEAN: Indonesia, Malaysia, Philippines, Singapore, and Thailand. 
  • Later Brunei Darussalam, Viet Nam, Lao PDR, Myanmar, and Cambodia, made up what is today the ten Member States of ASEAN.
• Aims: To develop friendly relations and mutually beneficial dialogues, cooperation, and partnerships with countries and sub-regional, regional and international organizations and institutions, that includes:
  • External partners, ASEAN entities, human rights bodies, non-ASEAN Member States Ambassadors to ASEAN, ASEAN committees in third countries and international organizations, as well as international/regional organizations.
• Chairmanship: They are appointed every year, from the Member States in alphabetical order of the English names. 

News Source: PIB

https://www.pib.gov.in/PressReleasePage.aspx?PRID=1859811

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