Schedule a Call Back
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.
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)
Senior officials
India
ASEAN
Jakarta
Indonesia
Free trade agreement
Review
Official statement
Putrajaya
Malaysia
Asean-India Trade in Goods Agreement (AITIGA)
Commerce ministry
Joint committee
Terms of reference
Negotiation structure
Co-chair
Bilateral trade
Sub-committees
Policy areas
National treatment
Market access
Business facilitation
Rules of origin
Standards
Technical regulations
Legal matters
Institutional matters
Upgradation
Trade pact misuse
Brunei
Cambodi
Related Stories
Machine Tools & Accessories
Purvi Products transforms machine tools
The industry is transitioning from traditional tools to automated, high-precision systems.
Read moreAuto & Auto Components
IGSS plans major expansion to meet rising sunroof demand in India
Currently, the Chennai facility supplies sunroofs to automotive giants like Hyundai Motor India and Kia India.
Read moreAuto & Auto Components
Bharat Mobility Global Expo 2025: Future of mobility
Covering a massive area of over 200,000 square meters, the expo will welcome more than 1,500 exhibitors, over 500,000 enthusiastic visitors, and 5,000 global buyers, establishing itself as a signifi..
Read moreRelated Products
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
