Next round of India-ASEAN trade talks scheduled for November

The next round of discussions for the ongoing review of the India-ASEAN free trade agreement in goods is set to take place in November, according to an official statement on Saturday.

The third round of negotiations concluded on August 1 in Jakarta, Indonesia. The talks are part of the ASEAN-India Trade in Goods Agreement (AITIGA) review, which aims to make the pact more trade-facilitative and mutually beneficial. Eight sub-committees have been formed under the AITIGA Joint Committee to focus on various aspects of the agreement's review.

"The next meeting of the AITIGA Joint Committee will be held in India from November 19-22, 2024," the Commerce Ministry announced. The AITIGA, initially signed in 2009, has been under review since September 2022 when both sides decided to update the agreement to better serve the current trade landscape.

During the recent talks in Jakarta, discussions were held across eight sub-committees focusing on national treatment and market access, rules of origin, standards, technical regulations, and customs procedures, among other areas.

The ministry emphasized that the review of AITIGA would create additional opportunities for businesses in both India and ASEAN countries, potentially increasing trade between the two regions. ASEAN is a crucial trade partner for India, accounting for approximately 11% of India's global trade. In the fiscal year 2023-24, India's exports to the 10-nation ASEAN bloc totaled USD 41.2 billion, while imports reached USD 80 billion.

The review, which Indian businesses have long demanded, aims to remove barriers and prevent the misuse of the trade pact. The goal is to complete the review by 2025. The ASEAN member countries involved in the agreement include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

(With PTI inputs)