New Delhi: 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. The fourth round of the negotiations was concluded here this month. 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.
The 6th #AITIGA Joint Committee undertaking review of ASEAN-India FTA concluded its 2 days discussion today. All 8 Sub-Committees briefed the AITIGA JC on the progress of their negotiations. Indian and #ASEAN Chief Negotiators also took out time for a separate meeting on the… pic.twitter.com/ZfEZAxIH1G
— Dept of Commerce, GoI (@DoC_GoI) November 22, 2024
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 2023-24 was $121 billion and reached $73 billion during April-October this year with a 5.2 per cent 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.
The Asean India Trade in Goods Agreement (AITIGA) is reviewed periodically in response to demand from Indian businesses. Indo-Asean bilateral trade stood at $121 billion in FY24. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
