The T9th EAS-EMM (East Asia Summit-Economic Ministers’ Meeting) was recently held virtually. Addressing the meeting, Anupriya Patel, Minister of State for Trade and Industry, said the World Trade Organization (WTO) observed that the strict monetary and fiscal policies introduced by many governments in response pandemics were helping to support global demand and trade. In view of the encouraging trend, the WTO had also revised its forecast for growth in the volume of world trade in 2021 to 8 percent, from 7 percent earlier.

“Various immediate supportive actions taken by India, including vaccination milestones, have helped us manage the pandemic crisis. We have learned lessons, adapted our approach and refined our systems as we go, ”she said.

She said the world needs meaningful partnerships, sharing of advanced technologies, collaboration in vaccine and pharmaceutical production, capacity building and transparency in health information. India is willing to collaborate with partners in East Asia in the production of generic drugs and medical technologies used for the treatment of patients with COVID-19, as well as in the field of vaccine production. 70% of the world’s vaccines are produced in India and our ability to produce quality medicines and vaccines at affordable prices is recognized worldwide.

In an interconnected and globalized world, no one is safe until everyone is safe; India looks forward to a swift outcome on the proposed TRIPS waiver for vaccines, therapeutics and diagnostics. Shared prosperity is impossible without shared commitment.

She said India endorsed the concept of working to ensure a trustworthy and reliable supply chain. “I have listened intently to the discussions of the Economic Research Institute for ASEAN and East Asia (ERIA) on value chains and post-pandemic recovery in East Asia. Regional and global value chains are central to the economic strength of the EAS region. It is heartwarming to know from ERIA research that the pandemic has so far not disrupted the production system and business models in the East Asian region and that the region has maintained its importance in the World Trade Network, ”the Department of Health said.

While acknowledging the progress made so far, India would like to highlight the need to further strengthen EAS work processes for appropriate coordinated responses to the pandemic, learning from each other’s best practices.

Acting East is now a central part of India’s Indo-Pacific vision. India is keen to see a strong, unified and prosperous ASEAN play a central role in the emerging dynamics of the Indo-Pacific. We see great convergence between India’s vision for the Indo-Pacific and ASEAN’s outlook for the Indo-Pacific.

She congratulated and thanked Brunei for its effective role as President of ASEAN. She also commended the ASEAN Secretariat for putting together a useful analysis of regional and global economic development in the discussion papers. She concluded by reiterating that India’s support for the collective actions of the EAS Forum was aimed at mitigating the economic impact of the pandemic and strengthening the regional economic architecture.