Next round of India-Asean trade agreement review talks in February

The review of Asean India Trade in Goods Agreement will be a step forward in enhancing trade with the ASEAN region in a sustainable manner

The next round of talks for the review meeting of the India-Asean free trade agreement in goods will be held in February next year, an official statement said on Saturday (November 23, 2024).

The fourth round of the negotiations was concluded in New Delhi this month.

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The review of AITIGA (Asean India Trade in Goods Agreement) will be a step forward in enhancing trade with the ASEAN region in a sustainable manner, the Commerce Ministry said.

"The next meeting of the AITIGA Joint Committee is scheduled in February 2025 in Jakarta, Indonesia," it said.

There are 8 Sub-Committees under the AITIGA Joint Committee to negotiate aspects related to market access, rules of origin, standards and technical regulations, customs procedures, economic and technical cooperation, trade remedies, and legal and institutional provisions.

Asean as a group is one of the major trade partners of India with about 11% share in India's global trade.

The bilateral trade in 2023-24 was $121 billion and reached USD 73 billion during April-October this year with a 5.2% growth.

The AITIGA was signed in 2009.

The review of the AITIGA was a long-standing demand of Indian businesses.

India is asking for a review of the agreement to eliminate barriers and misuse of the trade pact.

Asean members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

Published - November 23, 2024 10:28 pm IST