6th East Asia Summit and 15th India-ASEAN Economic Ministers Meeting held in Singapore
The 6th East Asia Summit-Economic Ministers’ Meeting (EAS-EMM) and 15th India-ASEAN Economic Ministers’ Meeting (AEM) was held in Singapore. Singapore is currently holding the Chair of Association of Southeast Asian Nations (ASEAN).
It was attended by Economic Ministers from 10 ASEAN countries and their 8 dialogue partners – Australia, China, India, Japan, Republic of Korea, New Zealand, Russia and United States. The meeting recognized importance of ongoing work to maximize opportunities of and address challenges presented by digital economy and rise of regional and global value chains as part of their efforts to promote economic growth and integration in the region.
EAS-EMM forum expressed hope that economic linkages among EAS members will enable them to address challenges due to disruptions in macro-economy that could affect overall market sentiments and global growth. It also took note of increasing importance of trade and investment relations among the EAS economies. It also agreed to importance of keeping markets open and fair as well as improving transparency and predictability of business environment.
15th India-ASEAN Economic Ministers’ Meeting (AEM)
The 6th EAS–EMM was followed by the 15th India-ASEAN Economic Ministers’ Meeting. It was co-chaired by Singapore’s Minister for Trade and Industry Chan Chun Sing and India’s Minister of Commerce and Industry Suresh Prabhu,. The meeting attended by Economic Ministers from 10 ASEAN countries. It took stock of current level of trade and economic engagement between India and ASEAN. It also reaffirmed commitment to further strengthen ASEAN-India economic relations. ASEAN has emerged as second largest trade partner of India in 2017-18 with bilateral trade valued at US $81.33 billion, comprising 10.58% of India’s total trade with the world.