Sign In
Learn bits
World Affairs, Economy
Mahesh

22/08/23 06:14 AM IST

India participates in 20th ASEAN-India Economic Ministers’ Meeting

In News
  • Recently, India participated in the 20th ASEAN-India Economic Ministers’ meeting in Semarang, Indonesia.
Major Highlights
  • The Ministers reviewed the bilateral trade and investment relations between India and ASEAN and underscored their commitment to strengthen and enhance the economic partnership between India and ASEAN.
  • The trade with ASEAN accounted for 11.3% of India’s global trade in 2022-23.
  • The main agenda of this year’s meeting was the timely review of ASEAN-India Trade in Goods Agreement (AITIGA) which was signed in 2009.
  • The review of AITIGA is expected to enhance and diversify trade while addressing the current asymmetry in the bilateral trade.
ASEAN
  • It is a regional grouping that promotes economic, political, and security cooperation.
  • It was established in August 1967 in Bangkok, Thailand with the signing of the ASEAN Declaration (Bangkok Declaration) by the founding fathers of ASEAN, namely Indonesia, Malaysia, Philippines, Singapore and Thailand.
  • Its chairmanship rotates annually, based on the alphabetical order of the English names of Member States.
  • ASEAN countries have a total population of 650 million people and a combined Gross Domestic Product (GDP) of USD 2.8 trillion.
  • Commodity trade between India and ASEAN region has reached 98.39 billion in the period April 2021- February 2022.India’s main trading ties are with Indonesia, Singapore, Malaysia, Vietnam and Thailand.
  • ASEAN brings together ten Southeast Asian states – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – into one organisation.
Source- PIB

More Related Current Affairs View All

20 Jan

ILO report about international migrants

'International migrants reached 284.5 million, 255.7 million of them belong to the global working-age population (aged 15 and over).' International migrants are defined as perso

Read More

20 Jan

World Economic Forum

'The World Economic Forum (WEF) is holding its Annual Meeting from January 20 to 24 in Davos, Switzerland.' Attendees will include European Commission President Ursula von der L

Read More

20 Jan

SVAMITVA scheme

'Prime Minister Narendra Modi said once property cards under the Centre’s SVAMITVA scheme have been distributed in all the villages of the country, it could unlock economic a

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps