1. Economic Ministers from the ten ASEAN Member States and the Minister of Commerce and Industry of the Republic of India met on 23 August 2015 in Kuala Lumpur, Malaysia for the Twelfth AEM-India Consultations. The Consultations were co-chaired by H.E. Dato’ Sri Mustapa Mohamed, Minister of International Trade and Industry of Malaysia and H.E. Nirmala Sitharaman, Minister of State for Commerce and Industry (Independent Charge) of India.
2. The Ministers noted that according to ASEAN statistics, two-way trade between ASEAN and India reached USD 67.7 billion in 2014. India was ASEAN’s seventh largest trading partner in 2014. In 2014, foreign direct investment (FDI) flow from India to ASEAN stood at USD 0.8 billion, making India the eighth largest source of FDI inflow to ASEAN in that year.
3. The Ministers were pleased to announce the entry into force of the ASEAN-India Trade in Services and Investment Agreements on 1 July 2015 for six ASEAN Member States, namely Brunei Darussalam, Malaysia, Myanmar, Singapore, Thailand, and Viet Nam, as well as for India, who have notified their ratification of the Agreements. The Ministers noted that the ASEAN-India Trade in Services Agreement has also entered into force for Lao PDR. The ASEAN-India Trade in Services and Investment Agreements which were signed in November 2014 in Nay Pyi Taw, Myanmar, marked an important milestone in the ASEAN-India relations and will serve as catalysts to deepen and broaden trade in services and investment between AMS and India. The Ministers were confident that the implementation of these Agreements will further contribute towards elevating the ASEAN-India relations to a strategic partnership.
4. Against the backdrop of uncertainties in global economic recovery, the Ministers underscored the importance of maintaining the momentum of bilateral trade and investment. The Ministers also recalled that it has been six years since the ASEAN-India Trade in Goods Agreement (AITIG Agreement) was signed in August 2009. The Ministers agreed that it is timely to review the AITIG Agreement to ensure that it is trade facilitative and relevant to the current global trading practices. Toward this end, the Ministers endorsed the Scope of the Review of the AITIG Agreement, which includes: i) implementation issues; ii) facilitation measures; iii) to take into account other negotiations on further liberalisation of trade in goods; iv) sharing and exchanging of trade data and; (v) promoting AITIG Agreement to the stakeholders. The Ministers also tasked the ASEAN-India Trade Negotiating Committee to re-convene as soon as possible to undertake the review of the AITIG Agreement.
Download the full Joint Statement here.
- ABOUT ASEAN
The Association of Southeast Asian Nations, or ASEAN, was established on 8 August 1967 in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration) by the Founding Fathers of ASEAN: Indonesia, Malaysia, Philippines, Singapore and Thailand. Brunei Darussalam joined ASEAN on 7 January 1984, followed by Viet Nam on 28 July 1995, Lao PDR and Myanmar on 23 July 1997, and Cambodia on 30 April 1999, making up what is today the ten Member States of ASEAN.Menu - WHAT WE DO
ASEAN organs always strive to achieve ASEAN’s goals and objectives, the Secretary-General of ASEAN and the ASEAN Secretariat shall be functioned as coordinating Secretariat to help facilitate effective decision-making withing and amongst ASEAN bodies. In addition, each Member State shall appoint a Permanent Representative to liaise with Secretary-General of ASEAN and the ASEAN Secretariat
Menu - WHO WE WORK WITH
ASEAN shall develop friendly relations and mutually beneficial dialogues, cooperation and partnerships with countries and sub-regional, regional and international organisations and institutions. This includes external partners, ASEAN entities, human rights bodies, non-ASEAN Member States Ambassadors to ASEAN, ASEAN committees in third countries and international organisations, as well as international / regional organisations.
Menu - OUR COMMUNITIES
The rodmap for an ASEAN Community (2009-2015) was declared by the leaders in 2009. The ASEAN Community, anchored on three community pillars: Political-Security Community, Economic Community, Socio-Cultural Community was launched in 2015. The ASEAN 2025: Forging Ahead Together was introduced in 2015 as a Post-2015 Vision. It comprises the ASEAN Community Vision 2025, the ASEAN Political-Security Community Blueprint 2025, the ASEAN Economic Community Blueprint 2025 and the ASEAN Socio-Cultural Community Blueprint 2025
Menu
