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17th ASEAN- (India Economic Ministers Consultations held)


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India Economic Ministers Consultations held

Keypoints

 

The ASEAN-India Economic Ministers Consultations was held via video conferencing(virtually). India was represented by the Union Minister of Commerce and the Industry Shri Piyush Goyal respectively.

 

Highlights

The meeting was attended by the commerce ministers of the ten ASEAN countries. This includes Malaysia, Thailand, Laos, Vietnam, Indonesia, Singapore, Brunei, Myanmar, Cambodia and Philippines. The leaders at the meet reaffirmed their commitment in the following manner

·        To ensure a financial stability

·        Resilient  of the supply chain

·        Unimpeded flow of essential goods and medicines.

The ASEAN-India Business Council report was submitted in the meeting. The report had recommended in order to review the AITIGA. AITIGA is specified in ASEAN India Trade in Goods Agreement.

What is AITIGA?

The AITIGA is a free trade agreement between the ten ASEAN members and India. It was signed in the year 2010. According to the agreement, the partners have set a timeline to eliminate duties on as much goods as possible.

Why is the review needed?

·         The agreement that was implemented India’s trade deficit has been increased. Therefore, India is demanding for a review. According to NITI Aayog, the trade deficit between India and ASEA have been doubled between 2011 and 2017. It was 5 billion USD in 2011 and has been increased to 10 billion USD in 2017.

·        The main reason for the growing trade deficit is because of the low utilization of the FTA route by the Indian traders.

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17th ASEAN- (India Economic Ministers Consultations held)