19th ‘India-ASEAN’ Economic Ministers meeting 2022 held in Cambodia

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The 19th India -ASEAN (Association of South East Asian Nation) economic ministers meeting was held in Siem Reap City, Cambodia on 16 September 2022. Cambodia is currently the chairman of ASEAN.

The meeting was co-chaired by Anupriya Patel, Minister of State for Commerce and Industry and by the Commerce minister of Cambodia Pan Sorasak.

The meeting was attended by Economic Ministers or their representatives from all the 10 ASEAN countries namely, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam 

The Ministers noted that trade and economic relations between ASEAN and India are starting to recover from the impact of the COVID-19 pandemic and the two-way trade between ASEAN and India reached USD 91.5 billion in 2021 increasing by 39.2 per cent year-on-year. 

IMPORTANT FACTS -

India-ASEAN economic engagements :

• ASEAN is a focus area of economic diplomacy of India. The India-ASEAN Economic ministers meeting is the main body which discusses the trade and investment related issues between the two. The Commerce Minister of India and ASEAN attends these meetings.

Investment between the two :

•  Between, 2000-2021, the cumulative Foreign Direct Investment (FDI) from ASEAN to India was $117.88 billion.
• These were mainly accounted for by Singaporean investments in India ($115 billion). 
• Indian investment into ASEAN since April 2019 till March 2022 is US$ 55.5 billion out of which US$ 51.5 billion investment is in Singapore. 

ADDITIONAL INFORMATION -

Association of South East Asian Nation (ASEAN) :

• It is considered to be one of the most successful regional groups in the world.
• It was set up in 1967 as a group of South-East Asian nations.
• At present there are 10 members in the group. They are: 
• Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
• The Headquarters of ASEAN: Jakarta, Indonesia.