Ministry of Commerce & Industry
Commerce and Industry Minister Shri Piyush Goyal participates in 12th East Asia Summit Economic Ministers Meeting in Lao PDR
Posted On: 21 SEP 2024 8:39PM by PIB Delhi
Shri Piyush Goyal, Minister of Commerce and Industry during the 2nd and last day of his visit to Vientiane, Lao PDR participated in the 12th East Asia Summit Economic Ministers’ Meeting (EAS EMM). The meeting was chaired by H.E. Malaithong Kommasith, Minister of Industry and Commerce of Lao PDR, the ASEAN Chair for 2024. The Economic Ministers or their representatives from all the 10 ASEAN countries and 8 other EAS partners viz. India, USA, Russia, China, Japan, Korea, Australia and New Zealand were present in the meeting. Democratic Republic of Timor-Leste joined the Meeting as an observer.
In the 12th EAS EMM, the Economic Ministers discussed regional and global economic developments and challenges. In his intervention, Minister Goyal reiterated India’s commitment to strengthen the East Asia Summit Forum, being its founder member, and acknowledged its role in promoting peace, stability and economic prosperity in the region. Referring to ASEAN Secretariat’s briefing on the regional and global economic forecast for 2025, he informed 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%, with India on the way to become the 3rd largest economy by 2027.
On WTO, Minister Goyal commended the successful conclusion of the 13th WTO Ministerial Conference in March 2024 and reiterated India’s commitment to an open, transparent, and inclusive WTO reform process, emphasizing a rules-based system with principles of non-discrimination, inclusivity, and Special and Differential Treatment. He invited ASEAN countries to come forward for collaboration on issues of global south at WTO and to strengthen multilateralism.
Minister Goyal commended the research paper presented by Economic and Research Institute for ASEAN and East Asia on “Navigating the path to a Net-Zero Economy: Decarbonization and Sustainability Initiatives in EAS Countries” and referred to India’s commitment to a net-zero economy by 2070 and the significant strides made by India in climate action achieving reduction in emission intensity of GDP related target 11 years in advance and share of non-fossil fuels in energy mix 9 years in advance. He appealed to the member countries to promote circularity in lifestyles with responsible consumption as outlined by our Hon’ble Prime Minister Modi call for Mission LIFE – Life Style for Environment at COP 26.
During the day, Minister Goyal had a number of bilateral meetings and other engagements alongside the 12th EAS EMM. The day started with a bilateral meeting with H.E. Dr. Kan Zaw, Minister of Investment and Foreign Economic Relations, Myanmar wherein both sides discussed potential cooperation areas in trade and the ongoing AITIGA review negotiations.
Minister Goyal also met H.E. Inkyo Cheong, Minister for Trade, Industry and Energy, Republic of Korea and held discussion on bilateral trade relations, progress in negotiations for upgrading India-Korea CEPA and promoting inclusive investments in India.
Minister Goyal subsequently participated in a programme organized by the Indian Embassy in Laos, for interaction with Indian diaspora. During this event, he engaged in meaningful conversations with community members, acknowledging their invaluable contributions to enhancing bilateral relations between India and Laos. He emphasized the importance of their efforts in promoting cultural exchange and economic collaboration, and expressed gratitude for their role in serving as a bridge between the two nations.
Minister Goyal had a meeting with Mr. Tetsuya Watanabe, President of Economic Research Institute for ASEAN and East Asia (ERIA). The discussion revolved on possible collaboration in India specific research studies. India had last year announced a financial contribution of USD 1 Million to ERIA over a period of 10 years. ERIA is also collaborating with Indian Centre for WTO Studies on conducting a joint study on AITIGA.
In the evening, Minister Goyal held a meeting with H.E. Dr. Kao Kim Hourn, Secretary General of ASEAN. ASEAN Secretariat is coordinating discussions on AITIGA review and both the dignitaries deliberated on ways to enhance India and ASEAN trade relations including by addressing market access asymmetries and upgrading AITIGA.
Minister Goyal wrapped up his visit to Laos with a meeting with H.E. Malaithong Kommasith, Minister of Industry and Commerce of Lao PDR. He congratulated Minister Kommasith on the successful hosting of the Economic Ministers’ meetings and engaged in discussions about trade collaboration opportunities, as well as the ongoing negotiations for the review of AITIGA.
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