India assured ASEAN of its support in post pandemic period
India has assured ASEAN partners for its support in the recovery efforts in the post pandemic period.
- This assurance was given during the 18th ASEAN-India Economic Ministers Consultations meeting.
- It was attended by the Economic Ministers of all the ten ASEAN countries namely, Brunei, Indonesia, Laos, Cambodia, Malaysia, Myanmar, Singapore, Philippines, Thailand and Vietnam.
- During the meeting, Ministers took stock of current covid-19 pandemic situation and reaffirmed their commitment for collective actions in mitigating the economic impacts.
- Ministers also ensured resilient supply chains in the region.
- They appreciated the deepening trade and investment between ASEAN.
- Indian side briefed that, India’s current focus is on the mass vaccination, capacity enhancements and economic initiatives in order to mitigate the challenges.
- India also invited ASEAN countries to invest in India in potential sectors such as health and pharmaceutical.
Relationship with ASEAN is a significant pillar of India’s foreign policy as well the foundation of Act East Policy. India has launched a separate Mission to ASEAN and the EAS in Jakarta. India and ASEAN completed 25 years of Dialogue Partnership besides 15 years of Summit Level interaction as well as 5 years of Strategic Partnership. ASEAN is the seventh largest trading partner of India. India’s trade with ASEAN is about 10.6% of India’s overall trade while India’s export to ASEAN is about 11.28% of total exports. ASEAN and India have also completed Free Trade Area.
ASEAN India-Business Council (AIBC)
AIBC was set up in 2003 in order to bring private sector players from India and ASEAN on a single platform.