Piyush Goyal, will attend the 7th RCEP Ministerial Meeting, 16th
ASEAN India Economic Ministers (AEM) meeting and the 7th East Asia
Economic Ministers Summit being held in Bangkok from September 8-10. The meetings will be
attended by Economic Ministers and senior leaders of ten ASEAN member
countries and eight East Asia Summit (EAS) countries.
Engagement with ASEAN, core of India’s ‘Act East’ policy
with ASEAN is at the core of India’s ‘Act East’ policy. ASEAN is the gateway to
the Indian Ocean region and as close partners, there is convergence of views in
India’s and ASEAN outlook in the region.
ASEAN countries together largest trading partner of India in
and investment relations between India and ASEAN continue to show remarkable
growth. India’s bilateral trade jumped three fold from 21 billion US Dollars in
2005-06 to 96.7 billion US Dollars in 2018-19. ASEAN countries together
have emerged as the largest trading partner of India in 2018-19 (followed by
USA), with a share of 11.47 per cent in India’s overall trade, while India was
ASEAN’s sixth largest trading partner in 2018.
flows are also substantial both ways. The Foreign Direct Investment (FDI) inflow
into India from ASEAN between April 2018 to March 2019 was about 16.41 billion
US Dollars which is approximately 36.98 per cent of total FDI flow into India.
FDI inflows from India to ASEAN in 20018 amounted to 1.7 billion US Dollars,
placing India as ASEAN’s sixth largest source of FDI.
EAS meeting agenda
meeting will discuss regional and global economic developments and ASEAN’s outlook on the Indo-Pacific regions. Matters
related to promotion of trade and investment among the partner countries will
also be discussed in the India ASEAN AEM and EAS-EMM meetings.
Goyal is also scheduled to hold bilateral meetings with his counterparts from
Japan, Singapore, China, Indonesia, Australia, New Zealand, Philippines,
Thailand and Russia.