India-Asean Trade Agreement Review Talks Set for November

05 Aug, 2024

India-Asean Trade Agreement Review Talks Set for November

The next round of review talks for the India-Asean Free Trade Agreement (AITIGA) in goods will take place from November 19-22, 2024, in India. This announcement follows the conclusion of the third round of negotiations held in Jakarta, Indonesia, on August 1. The review process involves eight sub-committees formed under the AITIGA Joint Committee, addressing various aspects such as national treatment, market access, rules of origin, standards, technical regulations, customs procedures, and trade facilitation.

The AITIGA, originally signed in 2009, is being reassessed to enhance trade facilitation and mutual benefits for both India and ASEAN. The review is aimed at addressing trade barriers and misuse of the agreement, with both sides working towards completing it by 2025.

ASEAN, which includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, represents a significant trade partner for India, accounting for about 11% of its global trade. In fiscal year 2023-24, India’s exports to ASEAN were USD 41.2 billion, while imports totaled USD 80 billion.