The Consultations were co-chaired by Dato Dr. Amin Liew Abdullah, Brunei's Minister at the Prime Minister’s Office and Minister of Finance and Economy II and Anupriya Patel, India's Minister of State for Commerce and Industry.
The Meeting noted that, based on preliminary ASEAN data for 2020, two-way trade between ASEAN region and India reached USD 65.6 billion, decreasing by 14.9 per cent yearon-year, while total FDI inflows from India amounted to USD 2.1 billion, or an increase of 34.7 per cent year-on-year.
This placed India as ASEAN’s seventh largest trading partner and seventh largest source of FDI among ASEAN Dialogue Partners in 2020.
"The Meeting acknowledged the adverse impacts of the covid-19 pandemic to the
regional and global economy," said the ministers in a joint media statement issued on Tuesday.
The Meeting reaffirmed its commitment to take collective actions to mitigate the economic impact of the pandemic and work towards a sustainable post-covid-19 recovery and resolved to ensure macroeconomic and financial stability as well as to preserve supply chain connectivity.
The Meeting underscored that a faster and more effective vaccination rollout across the region is critical to accelerate global economic recovery.
The Meeting urged for the acceleration of the production and equitable distribution of affordable, safe, effective, and quality medicines and covid-19 vaccines.
Moreover, the Meeting welcomed the ratification of all Parties of the ASEAN-India Investment Agreement which is expected to further broaden and deepen bilateral ASEAN-India economic relations and strengthen recovery efforts in the post pandemic period, particularly for investors to expand their businesses in the region.