Review of India-ASEAN Trade Agreement
The next round of talks for the ongoing review meeting of the India-ASEAN Free Trade Agreement will be held in November, an official statement said on Saturday. The third round of talks concluded in Jakarta, Indonesia on August 1. Eight sub-committees have been constituted under the India-ASEAN Free Trade Agreement Joint Committee to negotiate on various areas related to the review of the agreement. “The next meeting of the AITIGA (ASEAN-India Trade in Goods Agreement) Joint Committee will be held in India on 19-22 November 2024,” the commerce ministry said. AITIGA was signed in 2009. In September 2022, the two sides tasked the AITIGA Joint Committee to review the agreement to make it more trade-facilitative and mutually beneficial.
During the third round of talks in Jakarta, Indonesia, all the eight sub-committees related to national treatment and market access, rules of origin, standards, technical regulation, customs procedures and trade facilitation held substantive discussions. “The review of AITIGA, signed in 2009, will help create further opportunities for businesses on both sides to enhance the level of India-ASEAN trade,” the ministry said. ASEAN is an important trading partner of India, accounting for about 11 per cent of India’s global trade. India’s exports to the 10-nation grouping ASEAN were pegged at USD 41.2 billion in 2023-24, while imports totalled USD 80 billion in the previous fiscal. The two sides are aiming to complete the review in 2025. The review of AITIGA was a long-standing demand of Indian businesses. India has been seeking a review of the agreement to eliminate barriers and abuses of the trade pact. ASEAN members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
