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On September 16, the 19th ASEAN-India Economic Ministers Consultation Meeting was held.
The meeting is part of the 54th ASEAN Economic Ministers' Meeting series, chaired by Cambodian Minister of Commerce Pan Sorasak and Indian Minister of Trade and Industry Anupriya Patel. The Conference noted that economic and trade relations between ASEAN and India are beginning to recover from the impact of the Covid-19 pandemic. Based on preliminary ASEAN data for 2021, two-way trade between ASEAN and India reached $91.5 billion, up 39.2% year on year.
According to ASEAN figures for 2021, total foreign direct investment (FDI) inflows from India will increase from $0.2 billion in 2020 to $2 billion in 2021.
The conference noted that the post-Covid-19 economic recovery remains vulnerable to global economic challenges. The Ministers expressed deep concern over geopolitical tensions and continued risks to global food and energy security, as well as increasing inflationary pressures. In light of the negative impacts of the Covid-19 pandemic on the regional and global economies, the conference noted significant progress in ASEAN's post-pandemic recovery efforts, including the implementation of the ASEAN Comprehensive Recovery Framework.
The Conference reaffirmed its commitment to collective action to mitigate the economic impact of the pandemic and toward a sustainable post-Covid-19 recovery, and its determination to ensure macroeconomic and financial stability as well. like maintaining supply chain connectivity.
Meeting welcomed ASEAN and India to build collective actions in ensuring strong supply chain connectivity to maintain the flow of essential goods and services through the launch of upgrade negotiations. ASEAN-India Trade in Goods Agreement (AITIGA), mutual recognition of vaccination, Covid-19 vaccine production, public health monitoring, and medical technologies to advance recovery responses post-pandemic and facing future health crises.
The Conference adopted the AITIGA review scope which provides a common understanding of the scope and scope of the AITIGA review to make the agreement more user-friendly and simpler, creating helpful trade facilitation for businesses, as well as responding to today's global and regional challenges, including supply chain disruptions.
To accomplish this task, the conference activated the AITIGA Joint Committee to undertake an urgent AITIGA review. The Conference welcomed the successful outcome of the 12th World Trade Organization (WTO) Ministerial Meeting (MC12) to be held in June 2022 in Geneva, Switzerland.
The Conference expressed optimism that the series of decisions made at MC12, namely the “Geneva Package” will significantly contribute to the restoration of the WTO and to enhancing the confidence of the global community in the trading system. multilateral. While emphasizing the need for WTO reform to improve all functions, the conference also reiterated its support for a rules-based, non-discriminatory, open multilateral trading system. fair, inclusive, equitable, and transparent.
The conference expressed support for the President of the G20 of Indonesia with the theme "Together recovery, stronger recovery" and Thailand as the host country of the Asia-Pacific Economic Cooperation Forum. APEC) with the theme “Open. Connection. Balanced.” The Conference noted that these processes provide an opportunity for all participating countries/economies to jointly advance the common global and regional agenda and strive to bring about peace, prosperity and sustainable and inclusive development for all countries.
The conference recognized the activities carried out by the ASEAN-India Business Council (AIBC) in 2022 and encouraged AIBC to strengthen cooperation with ASEAN businesses, especially micro, small and medium enterprises (MSMEs), in building cutting-edge digital skills and competencies that complement regional digital transformation initiatives.
Source: Công Thương News