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India has participated in the 20th ASEAN-India Economic Ministers’ meeting held on August 21, 2023 in Semarang, Indonesia. The Economic Ministers or their representatives from all the 10 ASEAN countries viz. Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam participated in the meeting. Democratic Republic of Timor-Leste also joined the Meeting as an observer.

The Ministers reviewed the bilateral trade and investment relations between India and ASEAN and underscored their commitment to strengthen and enhance the economic partnership between India and ASEAN to ensure that the ASEAN-India Comprehensive Strategic Partnership delivers meaningful benefits for both sides, particularly in the post-pandemic era. India and ASEAN registered a bilateral trade of $131.5 billion in 2022-23. The trade with ASEAN accounted for 11.3% of India’s global trade in 2022-23.

The Ministers also interacted with the ASEAN-India Business Council (AIBC) and took note of the activities undertaken by AIBC in 2023, including the 5th ASEAN-India Business Summit held on March 6, 2023 in Kuala Lumpur. The Ministers noted the Non-Tariff Barriers (NTBs) flagged by the businesses and appreciated the growing exchanges between the stakeholders from both sides