September 15, 2021
2 mins read

India invites ASEAN countries to invest in health, pharmaceuticals

Ministers who participated in the meet also took note of the recommendations of the ASEAN India Business Council (AIBC) to enhance the ASEAN India economic partnership….reports Asian Lite News

Underscoring the importance that it attaches to its economic partnership with the grouping, India has invited ASEAN countries to invest in sectors like health and pharmaceuticals.

Speaking at the 18th ASEAN-India Economic Ministers Consultations on Tuesday, India’s Minister of State for Commerce and Industry Anupriya Patel highlighted the widespread reforms undertaken by India in various sectors.

These included agriculture, banking, insurance, logistics, corporate laws, and investment regime, she said.

She also spoke about the strong historical and cultural ties between the partners and assured ASEAN of India’s support in its recovery efforts in the post pandemic period.

The meeting was attended by the Economic Ministers of all the 10 ASEAN countries Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

Patel and Minister of Finance and Economy, Brunei Darussalam, Amin Liew Abdullah co-chaired the meet which was held virtually.

According to an official release, the Ministers appreciated the deepening trade and investment between ASEAN and India and the trade partners’ mutual support in combating the pandemic. India is ASEAN’s 7th largest trading partner and one of the largest sources of FDI.

Ministers who participated in the meet also took note of the recommendations of the ASEAN India Business Council (AIBC) to enhance the ASEAN India economic partnership.

The Ministers took stock of the current pandemic situation and reaffirmed their commitment to take collective actions in mitigating the economic impact of the pandemic and ensuring resilient supply chains in the region.

Patel briefed the meeting on India’s current focus on the mass vaccination, capacity enhancements and the economic initiatives to address the pandemic challenges.

The meeting actively discussed the early commencement of the ASEAN India Trade in Goods Agreement (AITIGA) Review. The Ministers noted the status of the scoping exercise of the review and resolved to complete the process expeditiously to make the agreement trade facilitative, user-friendly with contemporary and streamlined customs and regulatory procedures.

Patel highlighted that the trade arrangement has to be reciprocal, mutually beneficial and should balance the aspirations of both the partners.

She emphasized the need for securing the FTA provisions to prevent misuse of the preferential treatment and also highlighted the non-tariff measures faced by Indian exporters in accessing ASEAN market especially in Agriculture and auto sector.

Both sides should make earnest efforts to finalize the Scoping Paper before the ASEAN-India Leaders’ Summit scheduled in October, 2021 and to announce the review before the end of this year, Patel suggested.

The Minister also requested ASEAN to establish Joint Committees for the Review of the India-ASEAN Services and Investment Agreements without any delay. (India News Network)

ALSO READ: India to host first Global Buddhist Conference in November

Previous Story

MoUs signed with private companies for pilot projects for farmers

Next Story

India committed to developing Africa’s agriculture sector, says Muraleedharan

Latest from -Top News

India opens world’s highest rail bridge

Prime Minister Narendra Modi inaugurated the world’s highest railway bridge over the Chenab River in Jammu and Kashmir and flagged off the much-awaited Vande Bharat Express to Srinagar, marking a historic moment

Sisi, MBZ cement ties

UAE and Egypt bolster ties through high-level talks in Abu Dhabi and a landmark cardiac care initiative delivering lifesaving treatment to rural communities The United Arab Emirates and Egypt reaffirmed their strong

‘UAE leads global fight against plastic waste’

UAE accelerates its fight against plastic pollution with a bold single-use plastic ban and expanded environmental policies to safeguard natural ecosystems for future generations The United Arab Emirates continues to lead the

70,000 Gaza kids starve

WFP warned that any further escalation of conflict could paralyse relief operations altogether, deepening the plight of civilians—especially children, the elderly, and vulnerable groups As the humanitarian crisis in Gaza intensifies, the

Prayers on the Mount

The Day of Arafat, considered the pinnacle of the Hajj pilgrimage, witnessed a congregation of believers from around the world As the sun blazed overhead and temperatures climbed to a sweltering 41°C,
Go toTop

Don't Miss

UK Security Minister in India to attend G20 Anti-Corruption Meet

Minister Tugendhat will visit the Central Bureau of Investigation (CBI)

Indo-China ties: Past shadows the present?

She brings a practitioner’s keen eye to the labyrinth of