(The Gist of PIB) 16th AEM-India Consultations [SEPTEMBER-2019]
16th AEM-India Consultations
Economic Ministers from ten ASEAN Member States and the Minister of Commerce of India recently met at Bangkok (Thailand) for the 16th AEM-India Consultations.
Key highlights of 16th AEM-India Consultations:
During the meeting, India and ASEAN agreed to review their Free Trade Agreement (FTA) in goods to make it more business-friendly and boost economic ties. The two sides also decided to constitute a joint committee for this purpose.
The Ministers noted that the two-way merchandise trade between ASEAN and India grew by 9.8 per cent from USD 73.6 billion in 2017 to USD 80.8 billion in 2018. There is also recovery of Foreign Direct Investment (FDI) inflows from India in 2018, amounting to USD 1.7 billion.
This placed India as ASEAN’s sixth largest trading partner and sixth largest source of FDI among ASEAN Dialogue Partners.