6th East Asia Summit and 15th India-ASEAN Economic Ministers Meeting

6th East Asia Summit and 15th India

Question: Which of the following country is currently holding the Chair of the ASEAN?
(a)Singapore
(b)Indonesia
(c)Philippines
(d)Laos
Answer: (a)
Related Facts:-

  • The 6thEast Asia Summit- Economic Ministers’ Meeting (EAS-EMM) and 15th India-ASEAN Economic Ministers’ Meeting (AEM)-2018 held in Singapore.
  • Singapore is currently holding the Chair of ASEAN.
  • Minister for Trade and Industry, Singapore Chan Chun Sing chaired the 6th East-Asia Economic Ministers’ Meeting.
  • It was attended by Economic Ministers from 10 ASEAN countries and their eight dialogue partners, Australia, China, India, Japan, Republic of Korea, New Zealand, the Russian Federation and the United States of America.
  • Higher global economic growth forecast for 2018 has been welcomed by the Ministers.
  • They also took note of the increasing   importance of trade and investment relations among the EAS economies.
  • They acknowledged the potential for disruptions in the macro-economy that could affect overall market sentiments and global growth.
  • At the same time EAS-EMM forum also expressed the hope that the economic linkages among the EAS members will enable them to address these challenges.
  • The Ministers agreed to the importance of keeping markets open and fair as well as improving transparency and predictability of the business environment.
  • The meeting recognized the importance of ongoing work to maximize the opportunities of, and address the challenges presented by, the digital economy and the rise of regional and global value chains, as part of their efforts to promote economic growth and integration in the region.
  • The 6th EAS–EMM was followed by the 15th ASEAN Economic Ministers – India Consultation.
  • It was co-chaired by Chan Chun Sing, Minister for Trade and Industry, Singapore, and Suresh Prabhu, Minister of Commerce and Industry, India.
  • The meeting attended by Economic Ministers from 10 ASEAN countries took stock of the current level of trade and economic engagement between India and ASEAN and reaffirmed the commitment to further strengthen ASEAN-India economic relations.
  • ASEAN has emerged as the second largest trade partner of India in 2017-18 with bilateral trade valued at USD 81.33 billion, comprising 58% of India’s total trade with the world.
  • It was also announced in the Singapore meeting that the next ASEAN-India Business Summit will be held  in Kuala Lumpur, Malaysia, in November 2018 with the theme “Towards Building Strategic Partnership between ASEAN and India in the Era of the 4th IR and Digital Economy”
  • The above summit will be followed by the 4thIndia-ASEAN Dialogue Partner Expo and Summit scheduled for 21-23 February 2019, in New Delhi.

ASEAN:-

  • On 8 August 1967 the Association of Southeast Asian Nations, or ASEAN, was established in Bangkok, Thailand, through the signing of a Declaration popularly known as Bangkok Declaration, by the Founding members namely Indonesia, Malaysia, Philippines, Singapore and Thailand.
  • It consists of 10 States viz. Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.

 The aims and purposes of ASEAN:

The motto of ASEAN is “One Vision, One Identity, One Community” and with this motto this organization works for the following aims:-

  • To promote regional peace and stability through abiding respect for justice and the rule of law in the relationship among countries of the region and adherence to the principles of the United Nations Charter.
  • To accelerate the economic growth, social progress and cultural development in the region through joint endeavors in the spirit of equality and partnership in order to strengthen the foundation for a prosperous and peaceful community of Southeast Asian Nations;
  • ASEAN came forward with an objective to provide assistance among the member countries in the form of training and research facilities in the educational, professional, technical and administrative spheres.
  • ASEAN also aims to collaborate more effectively for the greater utilisation of their agriculture and industries, the expansion of their trade, including the study of the problems of international commodity trade, the improvement of their transportation and communications facilities and the raising of the living standards of their people.
  • I work to promote Southeast Asian studies; and to maintain close and beneficial cooperation with existing international and regional organisations with similar aims and purposes, and explore all avenues for even closer cooperation among themselves.

References:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=183222
http://asean.org/asean/external-relations/east-asia-summit-eas/
https://en.wikipedia.org/wiki/Sixth_East_Asia_Summit