CURRENT AFFAIRS

Detailed explanation-1: -In response to the outbreak of the disease in the region, ASEAN Leaders agreed to the establishment of the COVID-19 ASEAN Response Fund to address both the immediate needs and long-term goals of ASEAN Member States arising from the pandemic.

Detailed explanation-2: -Therefore, India’s ‘terms of trade’ with Asean, calculated as the value of exports relative to imports, have worsened over the past decade, when the FTA has been in place. Amid exports that moved in a narrow band, India’s trade deficit with Asean has widened from $5 billion in 2010-11 to $23.8 billion in 2019-20.