21st ASEAN-India Economic Ministers meeting in Lao PDR

Current Context: On 20th September 2024, Commerce and Industry Minister Shri Piyush Goyal recently co-chaired the 21st ASEAN-India Economic Ministers (AEM-India) meeting in Vientiane, Lao PDR, alongside H.E. Malaithong Kommasith, Minister of Industry and Commerce of Lao PDR.

• Key highlights from the meeting include:
• Review of Trade Relations: The ministers reviewed the trade and investment relations between India and ASEAN, noting a bilateral trade of USD 120.9 billion in 2023-24.
• Progress on AITIGA: They discussed the progress in negotiations for the review of the ASEAN-India Trade in Goods Agreement (AITIGA), aiming to make it more effective and user-friendly.
• Bilateral Meetings: Minister Goyal also had productive bilateral meetings with counterparts from various countries, including Switzerland, to discuss trade agreements and investment commitments.
• This meeting underscores the ongoing efforts to strengthen economic ties between India and ASEAN, ensuring mutually beneficial and sustainable trade relations.

Question:

1 What was the total bilateral trade between India and ASEAN in the financial year 2023-24 as noted in the 21st ASEAN-India Economic Ministers meeting?

• A) USD 100.9 billion
• B) USD 115.5 billion
• C) USD 120.9 billion
• D) USD 130.7 billion

Answer: C) During the 21st ASEAN-India Economic Ministers meeting, the ministers reviewed bilateral trade relations, highlighting a total trade value of USD 120.9 billion in 2023-24.