1. The ASEAN Economic Ministers (AEM) and the Minister of Commerce and Industry of the Republic of India met at the Ninth AEM-India Consultations on 13 August 2011 in Manado, Indonesia. The Consultations were co-chaired by H.E. Dr. Mari Elka Pangestu, Minister of Trade of Indonesia and H.E. Anand Sharma, Minister of Commerce, Industry and Textiles of India.
2. The Ministers were pleased to note the significant increase in trade and investment between ASEAN and India in 2010. Total trade between ASEAN and India increased by 41.4% in 2010 amounting to US$55.3 billion, which was higher than the pre-crisis level in 2008. India was ASEAN’s sixth largest trading partner in 2010. Meanwhile, foreign direct investments (FDI) flow from India increased by more than 200%, from US$0.8 billion in 2009 to US$2.5 billion in 2010.
3. The Ministers were pleased to note the full implementation of the ASEAN-India Trade in Goods Agreement by all countries, and expressed confidence in the strengthening economic ties between the two sides. The Ministers tasked the senior officials to finalise negotiations on the initial package of Product Specific Rules (PSRs) for possible endorsement in November 2011. The Ministers reiterated that PSRs should be liberal and trade facilitative.
4. The Ministers noted the developments in the negotiations on services and investment, and tasked the negotiators to step up their effort and flexibility for completion of these negotiations. They reiterated the mandate of the Framework Agreement on Comprehensive Economic Cooperation between ASEAN and India for substantial sectoral coverage and GATS-plus commitment. They urged senior officials to strive towards substantive conclusion of the negotiation by the ASEAN-India Summit in November 2011.
5. The Ministers expressed appreciation to the success of the India-ASEAN Business Fair (IABF) held on 2-6 March 2011 in New Delhi, India and welcomed the re-activation of the ASEAN India Business Council (AIBC).
LIST OF MINISTERS
1. H.E. Pehin Dato Lim Jock Seng, Second Minister, Ministry of Foreign Affairs and Trade, Brunei Darussalam
2. H.E. Cham Prasidh, Senior Minister and Minister of Commerce, Cambodia
3. H.E. Anand Sharma, Minister of Commerce, Industry and Textiles, India
4. H.E. Mari Elka Pangestu, Minister of Trade, Indonesia
5. H.E. Mahendra Siregar, Vice Minister of Trade, Indonesia
6. H.E. Nam Viyaketh, Minister of Industry and Commerce, Lao PDR
7. H.E. Dato’ Sri Mustapa Mohamed, Minister of International Trade and Industry, Malaysia
8. H.E. U Tin Naing Thein, Minister for National Planning and Economic Development, Myanmar
9. H.E. Gregory L. Domingo, Secretary of Trade and Industry, the Philippines
10. H.E. Lim Hng Kiang, Minister for Trade and Industry, Singapore
11. Mr. Yangyong Phuangrach, Permanent Secretary Ministry of Commerce, Thailand
12. H.E. Nguyen Cam Tu, Deputy Minister of Industry and Trade, Viet Nam
13. H.E. Surin Pitsuwan, Secretary-General of ASEAN