6th East Asia Summit- Economic Ministers’ Meeting

•  6th East Asia Summit- Economic Ministers’ Meeting (EAS-EMM) was recently held in Singapore.
• 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.

About East Asia Summit:

• The East Asia Summit is a unique Leaders-led forum of 18 countries of the Asia-Pacific region formed to further the objectives of regional peace, security and prosperity.
• It has evolved as a forum for strategic dialogue and cooperation on political, security and economic issues of common regional concern and plays an important role in the regional architecture.
• Established in 2005, EAS allows the principal players in the Asia-Pacific region to discuss issues of common interest and concern, in an open and transparent manner, at the highest level.
• The membership of EAS consists of ten ASEAN Member States (i.e. Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Singapore, Thailand, the Philippines and Vietnam), Australia, China, India, Japan, New Zealand, Republic of Korea, Russian Federation and the USA. EAS is an initiative of ASEAN and is based on the premise of the centrality of ASEAN.
• The concept of an East Asia Grouping was first promoted in 1991 by the then Malaysian Prime Minister, Mahathir bin Mohamad.
• There are six priority areas of regional cooperation within the framework of the EAS. These are – Environment and Energy, Education, Finance, Global Health Issues and Pandemic Diseases, Natural Disaster Management, and ASEAN Connectivity. India endorses regional collaboration in all six priority areas.

By: Vishal