Piyush Goyal Meets Business Leaders and Diplomats in Laos for ASEAN-India Summit
Union Commerce Minister Piyush Goyal attended the 21st ASEAN-India Economic Ministers’ Meeting and the 12th East Asia Summit Economic Ministers Meeting in Vientiane, Laos. During these meetings, he held discussions with various business delegations and foreign diplomats.
Strengthening Business Ties
Minister Goyal met with the ASEAN-India Business Council (AIBC) to discuss enhancing business engagements between India and ASEAN nations. He also met with a FICCI delegation, urging Indian industries to deepen ties with ASEAN businesses and explore opportunities to grow India’s exports.
Talks with Switzerland
On the sidelines of the summit, Goyal held discussions with Helene Budliger Artieda from Switzerland’s State Secretariat for Economic Affairs (SECO). They talked about the India-EFTA Trade and Economic Partnership Agreement and explored collaboration in food processing, machinery, equipment, and innovation.
Key Meetings and Discussions
The annual meetings hosted by Laos saw participation from Economic Ministers of 10 ASEAN countries and eight other partners, including India, the US, Russia, China, Japan, Korea, Australia, and New Zealand. The ministers reviewed the ASEAN-India Trade in Goods Agreement (AITIGA) and discussed regional and global economic developments.
Minister Goyal also scheduled bilateral meetings with counterparts from Korea, Malaysia, Switzerland, and Myanmar, and interacted with the Indian diaspora in Laos.
India and ASEAN
India joined ASEAN in 1992 and became its Comprehensive Strategic Partner in 2022. ASEAN is a key part of India’s Act East Policy, and for the last two years, it has been India’s second-largest trading partner.
Doubts Revealed
Piyush Goyal -: Piyush Goyal is an important person in the Indian government. He helps make decisions about trade and business for India.
Laos -: Laos is a small country in Asia. It is near countries like Thailand and Vietnam.
ASEAN -: ASEAN stands for the Association of Southeast Asian Nations. It is a group of countries in Southeast Asia that work together on things like trade and security.
Summit -: A summit is a big meeting where important people come together to talk about important topics and make decisions.
Union Commerce Minister -: The Union Commerce Minister is a person in the Indian government who looks after trade and business matters for the country.
Economic Ministers’ Meeting -: This is a meeting where ministers who handle money and trade from different countries come together to discuss economic issues.
ASEAN-India Business Council -: This is a group of business leaders from ASEAN countries and India who work together to improve trade and business relations.
SECO -: SECO stands for the State Secretariat for Economic Affairs. It is a part of the Swiss government that deals with economic matters.
Trade in Goods Agreement -: This is an agreement between countries about how they will trade products with each other. It helps make trade easier and fairer.