Overview of Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu’s Singapore Visit.

Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, is leading the Indian delegation for the Meeting in Singapore.

  • On 30th and 31st August, the Minister will participate in the  6th RCEP Trade Ministers’ meeting consisting of 10 ASEAN countries and six ASEAN FTA partners namely, India, China, Japan, Korea, Australia and New Zealand.
  • On 1st September 2018, he will take part in the 6th East-Asia Economic Ministers’ Meeting (EAS-EMM), attended by Trade and Economic Ministers of 10 ASEAN countries and 8 Dialogue Partners of ASEAN including India, China, US, Russia, Japan, South Korea, Australia and New Zealand.
  • This is followed by the 15th India-ASEAN Economic Ministers’ Meeting

6th  RCEP Ministerial Meeting held in Singapore 30-31 August, 2018
On August 30-31st, 2018, the 6th RCEP Trade Ministers’ Meeting was held in Singapore.

6th-RCEP-Ministerial-MeetingHighlights:
i. 10 ASEAN countries and six ASEAN FTA partners namely, India, China, Japan, Korea, Australia and New Zealand.
ii. From the Indian side: Union Minister of Commerce& Industry and Civil Aviation, Suresh Prabhu  took part in the meeting.
On the sidelines of the meeting:
i. Commerce Minister Suresh Prabhu met Japan’s Minister for Economy, Trade and Industry, Seko Hiroshige in Singapore.
They discussed on:

  • Collaboration and investments in automobiles, cargo aircraftsand manufacturing sectors.
  • India’s full cooperation in Japanese Township Projects in 12 Indian States.
  • India’s proposal seeking greater access for Indian nurses and healthcare service providers in Japan was welcomed.

ii. Mr. Suresh Prabhu met Minister of Trade Relations of Singapore, S Iswaran and launched the 3rd Review of India Singapore Comprehensive Economic Cooperation Agreement (CECA) in Singapore.

  • This would deepen business, economic and trade collaboration between the two countries and
  • Promote trade of goods, services and boost investments.

iii. Mr. Suresh Prabhu met New Zealand’s Minister of State, Mr. Damien O’Conner. They discussed on:

  • Welcomed New Zealand’s proposal to explore possibilities of making investments in Agriservices in India.

iv. He also met Trade Minister of IndonesiaMr. Enggartiasto Lukita. They discussed areas of mutual interest on trade including market access.
Background:
The RCEP is one of the largest free trade groupings of 16 countries. India is expected to join the organisation after negotiations close by the end of 2018.

Static Facts:
♦ Indonesia has emerged as India’s largest trading partner among the ASEAN countries.
♦ Singapore is the second largest trading partner of India within ASEAN.
♦ India is the largest trading partner of Singapore in South Asia.
RCEP:
♦ Full Form: Regional Comprehensive Economic Partnership.
♦ Founded: 2012.

6th East Asia Summit and 15th India-ASEAN Economic Ministers Meeting held in Singapore
On September 1, 2018, 6th East Asia Summit- Economic Ministers’ Meeting (EAS-EMM) and 15th India-ASEAN Economic Ministers’ Meeting (AEM) was held in Singapore.
Highlights:
i. Singapore is currently holding the Chair of ASEAN.
ii. From India, Commerce & Industry Minister Suresh Prabhu attended the meetings.
About 6th East-Asia Economic Ministers’  Meeting:
i. Meeting was chaired by : Chan Chun Sing, Minister for Trade and Industry, Singapore,
ii. Dignitaries present: Economic Ministers from  10  ASEAN countries  and their eight  dialogue partners(Australia, China, India, Japan, Republic of Korea, New Zealand, the Russian Federation and the USA).
iii. Discussions focused on:

  • Improving transparency and predictability of the business environment,
  • Opportunities and challenges of digital economy,
  • Promote economic growth and integration in the region.

About 15th ASEAN Economic Ministers – India Consultation:
i. Meeting co-chaired by : Chan Chun Sing, Minister for Trade and Industry, Singapore, and Suresh Prabhu, Minister of Commerce and Industry, India.
ii. Dignitaries present: Economic Ministers from 10 ASEAN countries.
iii. Discussions focused on:

  • To strengthen ASEAN-India economic relations,
  • Acknowledged ASEAN-India Business and Investment Meet and Expoheld on 22–23 January 2018 in New Delhi,
  • The ASEAN-India Business Council (AIBC)recommended promotion and collaboration of SMEs, blue economy, healthcare, and tourism.
  • Women and youth economic empowerment and promoting private sector activities was also discussed.

Other Important Announcements:
i. Next ASEAN-India Business Summit will be held  in Kuala Lumpur, Malaysia, in November 2018.
ii. The theme of the meeting would be :  “Towards Building Strategic Partnership between ASEAN and India in the Era of the 4th IR and Digital Economy” .
iii. 4th India-ASEAN Dialogue Partner Expo and Summit has been scheduled for 21-23 February 2019, in New Delhi.
ASEAN:
♦ Full Form: Association of South East Asian Nations.
♦ Headquarters: Jakarta, Indonesia.
♦ It was the second largest trade partner of India in 2017-18 with bilateral trade valued at USD 81.33 billion, comprising 10.58% of India’s total trade with the world.

 

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