Piyush Goyal Meets South Korean and Myanmar Ministers to Boost Trade at East Asia Summit
Union Minister of Commerce and Industry Piyush Goyal held important meetings with his counterparts from South Korea and Myanmar during the 12th East Asia Summit Economic Ministers’ Meeting in Vientiane, Laos.
Meeting with South Korea
Goyal met with Inkyo Cheong, the Trade Minister of South Korea, to discuss enhancing trade relations, addressing non-tariff barriers, and fostering investment opportunities. They focused on achieving more balanced trade and upgrading the India-Korea Comprehensive Economic Partnership Agreement (CEPA). Goyal emphasized the importance of South Korean investments in India for job creation and industrial growth.
Meeting with Myanmar
In a separate meeting with Dr. Kan Zaw, Myanmar’s Minister of Investment and Foreign Economic Relations, Goyal explored ways to enhance bilateral trade in sectors like lentils, diesel, gasoline, and electric vehicles. They also discussed the potential introduction of a Rupee-Kyat currency mechanism to simplify trade between the two countries. Additionally, they talked about the ASEAN-India Trade in Goods Agreement (AITIGA) review and the upcoming Joint Trade Committee Meeting.
Additional Interactions
Goyal also interacted with various business delegations and foreign diplomats on the sidelines of the summit, reinforcing India’s commitment to deepening economic ties with the East Asian region.
Doubts Revealed
Piyush Goyal -: Piyush Goyal is an important person in the Indian government. He helps make decisions about trade and business with other countries.
South Korean Trade Minister -: The South Korean Trade Minister is a person from South Korea who helps manage trade and business deals with other countries.
Myanmar’s Minister Dr. Kan Zaw -: Dr. Kan Zaw is a minister from Myanmar, a country near India. He helps manage trade and business for Myanmar.
East Asia Summit -: The East Asia Summit is a big meeting where leaders from many countries in East Asia come together to talk about important issues like trade and security.
Laos -: Laos is a small country in Asia, near India. It is where the meeting took place.
Non-tariff barriers -: Non-tariff barriers are rules or regulations that make it harder to trade between countries, but they are not taxes.
Investment opportunities -: Investment opportunities are chances for people or companies to put money into businesses or projects to make more money.
India-Korea CEPA -: CEPA stands for Comprehensive Economic Partnership Agreement. It is a special deal between India and Korea to make trade easier and better.
Rupee-Kyat currency mechanism -: This is a system to use Indian Rupees and Myanmar Kyats directly for trade between India and Myanmar, making it easier to do business.
Business delegations -: Business delegations are groups of business people who travel to other countries to explore trade and investment opportunities.
Diplomats -: Diplomats are people who represent their country in other countries. They help manage relationships and agreements between countries.
Economic ties -: Economic ties are the connections and relationships between countries that involve trade, investment, and business.