On 28th August, 2020 Union Minister for Commerce and Industry, Piyush Goyal addressed the Association of SouthEast Asian Nations (ASEAN)-India Business Council Virtual Meet.He extended India’s friendship and partnership to ASEAN countries and expected to achieve a target of 300-billion-dollar trade through Business with them.
- He emphasized 3 C’s Cooperation, Collaboration & Commitment as guide for the strategic partnership between India and ASEAN countries.Â
Key Points:
i.The Minister highlighted the Business Council meeting as a good forum to discuss concerns and best practices, share ideas and flag problems.  Â
ii.In the meeting it was also discussed that India and ASEAN countries should harness the full trade potential and use the forum as a medium to expand trade, address concerns of all members and businesses and resolve the differences.Â
iii.The two sides also agreed to review the ASEAN-India Trade in Goods Agreement that was signed in 2009.Â
India-ASEAN Trade:
i.In the Financial Year of 2020, India’s merchandise trade with the 10-member ASEAN countries touched $86.86 billion.
ii.ASEAN–India Free Trade Area (AIFTA) is a free trade area among the ten member states of the ASEAN and India. The final agreement of AIFTA was signed in August, 2009 and came into effect from January, 2010. Â
iii.The ten members of the ASEAN are Indonesia, Thailand, Malaysia, Singapore, Philippines, Vietnam, Brunei, Myanmar (Burma), Cambodia, Laos.
Recent Related News:
i.In order to boost business & economy, the Federation of Indian Chambers of Commerceand Industry (FICCI) and 5 bodies of Central Asian countries (Kazakhstan,the Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan) launched the India-Central Asia Business council in New Delhi.
ii.UK India Business Council (UKIBC) signed a MoU with Maharashtra Industrial Development Corporation (MIDC), to improve the business relationship between India(Maharashtra) and the United Kingdom(UK).
About ASEAN:
Secretary General – H.E. Dato Lim Jock HoiÂ
Headquarters – Jakarta, Indonesia.