Piyush Goyal welcomes collective action to mitigate COVID & balanced trading system at EAS

Union Minister of Commerce and Industry Piyush Goyal on Friday participated in 8th East Asia Summit Ecomic (EAS) Ministers’ Meeting and welcomed collective action to mitigate COVID-19 pandemic and ensured transparent and balanced tring system for ecomic growth.

 8th EAS was attended by Ecomic ministers from 10 ASEAN (Association of Souast Asian Nations) member states and eight or countries including India. ministers have emphasized on importance of strengning regional supply chains to make m resilient and less vulnerable to shocks besides vancing sustainable ecomic growth.

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Commitment reaffirmed to expand tre and investment

y reaffirmed ir commitment to expand tre and investment, minimise interruptions to tre and global supply chains and facilitate supply chain connectivity. This includes essential goods like medical supplies, medicines, including vaccines, food, commodities and or essential supplies and services in region.

ministers furr ackwledged importance of promoting essential movement of people across borders, without undermining each country's efforts to prevent spre of coronavirus in order to stabilise tre and investment, according to a joint statement released after virtual meeting on Friday. y furr said COVID-19 global pandemic has created unprecedented challenges that have caused t only loss of lives but also ecomic downturn for most countries around world.

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8th East Asia Summit Ecomic Ministers' Meeting (EAS-EMM) was chaired by Vietnam's Minister of Industry and Tre Tran Tuan Anh and attended by Minister of Commerce and Industry Piyush Goyal besides ecomic ministers from Australia, China, Japan, New Zealand,  South Korea, Russian Federation and United States.

" ministers underscored importance of furr strengning regional ecomic cooperation, and resolved to take actions aimed at mitigating ecomic impact of pandemic on global and regional tre and investment, ensuring macroecomic and financial stability and restoring business confidence in region," said joint statement.

Ministers welcomed growing tre and strong investment performance among EAS ecomies with combined minal GDP reaching 51.6 trillion dollars in 2019, marking an increase by 4.1 percent from previous year. y furr welcomed regional initiatives to mitigate impact of pandemic including establishment of ASEAN COVID-19 Response Fund as well as work towards establishment of ASEAN Regional Reserve of Medical Supplies and Standard Operating Procedures for Public Health Emergencies Response.

Furrmore, ministers also ackwledged important role of initiatives, which aim to ensure equitable global distribution of safe and effective COVID-19 vaccines.

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(With ANI inputs)