ASEAN, India seek ways to foster economic growth

Vietnamese Minister of Industry and Trade Tran Tuan Anh (Source: VNA)

Economic ministers of 10 ASEAN member states and India discussed measures to fight the COVID-19 pandemic and maintain macro-economic stability at the 17th AEM-India Consultations held within the framework of the 52nd ASEAN Economic Ministers’ Meeting (AEM-52) on August 29.

The event was co-chaired by Vietnamese Minister of Industry and Trade Tran Tuan Anh and India’s Minister of Railways and Minister of Commerce and Industry Piyush Goyal.

The ministers said that to boost economic development and ensure macro-economic stability, it is necessary to reopen markets and ensure sustainable supply chains in the region, especially for essential commodities such as pharmaceuticals, medicine and food.

They recalled both sides’ efforts to ratify their investment agreement and review the ASEAN-India Trade in Goods Agreement (AITIGA).

They also highly evaluated activities of the ASEAN-India Business Council in 2020, especially amid the COVID-19 pandemic, which they said, have helped promote trade and investment cooperation and mitigate negative impact of the pandemic.

ASEAN statistics showed that the trade turnover between ASEAN and India accounted for 2.7 percent of the bloc’s total trade value, while India’s investment in the bloc made up 1.3 percent of the total FDI attracted by the bloc./.
VNA