India-Asean trade agreement review in July

  • Industry News
  • May 13,24
The ministry disclosed that eight sub-committees have been formed to address various policy aspects of the agreement, with five already engaged in discussions.
India-Asean trade agreement review in July

An official statement announced that senior officials from India and the ASEAN bloc will convene the next round of discussions in July in Jakarta, Indonesia, to assess the current free trade agreement. The recent round of negotiations concluded on 9 May in Putrajaya, Malaysia. The review process for the Asean-India Trade in Goods Agreement (AITIGA) commenced in May 2023 with the aim of enhancing trade facilitation and benefiting businesses in the region, according to the commerce ministry.


The joint committee overseeing the review has convened four times thus far. It established its terms of reference and negotiation framework during the initial two sessions and commenced review discussions during the third meeting held on February 18-19. The statement highlighted that the fourth Joint Committee meeting took place in Putrajaya, Malaysia, from May 7-9, with Rajesh Agrawal, Additional Secretary in the Department of Commerce, and Mastura Ahmad Mustafa, Deputy Secretary-General (Trade) from Malaysia, co-chairing. India and ASEAN have set a target to conclude the talks by 2025. Delegates from both sides participated in the negotiations. The ministry disclosed that eight sub-committees have been formed to address various policy aspects of the agreement, with five already engaged in discussions.


The topics under negotiation by these committees include national treatment and market access, rules of origin, standards, technical regulations, conformity assessment procedures, legal, and institutional matters. ASEAN constitutes a significant trade partner for India, contributing 11% to India's global trade, with bilateral trade amounting to $122.67 billion in 2023-24. The statement indicated that the enhancement of AITIGA will further stimulate bilateral trade. The next meeting of the joint committee is scheduled for July 29-31, 2024, in Jakarta, Indonesia. The review of AITIGA has long been advocated by Indian businesses to address trade pact barriers and misuse. ASEAN's members comprise Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.


Typically, such review exercises encompass implementation challenges, rules of origin, verification processes, customs procedures, trade liberalisation, and data sharing. India's exports to ASEAN countries rose by 9.96% from $37.47 billion in FY2019 to $41.21 billion in FY2024, while imports surged by 34.30% from $59.32 billion to $79.67 billion.


(Source: Business Standard)

Related Stories

Gears, Motors & Drives
Danfoss India unveils New Gen Intelligent drives - iC2 and iC7

Danfoss India unveils New Gen Intelligent drives - iC2 and iC7

iC2 is an all-round drive that can improve efficiency by 40% and supports IM, IPM, and SPM motors.

Read more
Auto & Auto Components
CMS to manufacture Zbee e-3Ws  in Pune; eyes global expansion

CMS to manufacture Zbee e-3Ws in Pune; eyes global expansion

The company intends to manufacture the Zbee in India for global export.

Read more
Policy Regulation
FICCI president asks Modi govt to focus on 'Making in India for the world'

FICCI president asks Modi govt to focus on 'Making in India for the world'

The imperative to establish India as a premier manufacturing hub by reducing costs, enhancing ease of doing business reforms, and positioning the nation as a destination for high-quality products.

Read more

Related Products

Hi There!

Now get regular updates from IPF Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Industrial News on Whatsapp! Enjoy

+91 84228 74016

Reach out to us

Call us at +91 8108603000 or

Schedule a Call Back