India’s bilateral trade with ASEAN sees 5.2 pc growth at $73 billion in April-Oct

Highlights

India’s bilateral trade with the Association of Southeast Asian Nations (ASEAN) saw 5.2 per cent growth to reach $73 billion during the April-October period this fiscal, the government informed on Saturday.

New Delhi : India’s bilateral trade with the Association of Southeast Asian Nations (ASEAN) saw 5.2 per cent growth to reach $73 billion during the April-October period this fiscal, the government informed on Saturday.

ASEAN, as a group, is one of the major trade partners of India with about 11 per cent share in India’s global trade. The bilateral trade in FY2023-24 was $121 billion, according to the Ministry of Commerce and Industry.

The sixth ASEAN-India Trade in Goods Agreement (AITIGA) joint committee and related meetings for discussions on the review of the AITIGA were held from November 15-22 in the national capital.

The leaders and delegates from all 10 ASEAN countries -- Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam -- participated in the meeting.

The visit of ASEAN delegates to New Delhi and their presence was utilised by convening bilateral meetings with Thailand and Indonesian teams on the sidelines for discussion on bilateral trade issues.

The Indian and ASEAN chief negotiators also had a separate meeting to develop a mutual understanding of the issues under discussion and the way forward.

"The review of AITIGA will be a step forward in enhancing trade with the ASEAN region in a sustainable manner. The next meeting of the AITIGA Joint Committee is scheduled in February 2025 in Jakarta, Indonesia," according to a ministry statement.

There are eight sub-committees under the AITIGA joint committee to negotiate aspects related to market access, rules of origin, SPS measures, standards and technical regulations, customs procedures, economic and technical cooperation, trade remedies, and legal and institutional provisions.

Sanitary and phytosanitary (SPS) measures are biosecurity measures designed to protect human, animal or plant life or health from the introduction, establishment and spread of pests and diseases, additives, toxins and contaminants in food and feed.