India Strengthens Economic Ties at 12th East Asia Summit Economic Ministers Meeting.
Vientiane, Lao PDR:
Piyush Goyal, Minister of Commerce and Industry, participated in the 12th East Asia Summit Economic Ministers’ Meeting (EAS EMM) held in Vientiane, Lao PDR. The meeting brought together Economic Ministers from the ten ASEAN countries, along with representatives from eight EAS partner nations, including India, the USA, China, and Japan.During the meeting,
Minister Goyal reaffirmed India’s commitment to the East Asia Summit Forum, highlighting its role in fostering peace, stability, and economic growth in the region. He shared optimistic projections, noting that while the global economy is expected to grow at 3.2% in 2024-25, India’s growth rate is projected at 7-7.2%, positioning the country to become the third-largest economy by 2027.
Goyal also addressed the successful conclusion of the 13th WTO Ministerial Conference in March 2024, advocating for an open and inclusive WTO reform process. He called for increased collaboration among ASEAN nations on issues pertinent to the global south.
The Minister commended a research paper from the Economic and Research Institute for ASEAN and East Asia on achieving net-zero emissions and reiterated India’s commitment to a net-zero economy by 2070. He encouraged member states to adopt sustainable lifestyles in line with Prime Minister Modi’s Mission LIFE initiative.
In addition to the meeting, Goyal engaged in several bilateral discussions, including talks with Myanmar’s Minister of Investment, focusing on trade cooperation and ongoing AITIGA review negotiations. He also met with South Korea’s Minister for Trade to discuss the India-Korea CEPA upgrade and investment promotion.
Wrapping up his visit, Goyal acknowledged the contributions of the Indian diaspora in Laos during an embassy event and held discussions with ASEAN Secretary General Dr. Kao Kim Hourn on enhancing trade relations and addressing market access issues.
Minister Goyal concluded his visit by congratulating Lao PDR’s Minister of Industry and Commerce, H.E. Malaithong Kommasith, for successfully hosting the economic ministers’ meetings and exploring further trade collaboration opportunities.
