The next round of discussions for the review of the India-ASEAN Free Trade Agreement in Goods (AITIGA) will take place in
February 2025 in Jakarta, Indonesia, the commerce ministry announced on Saturday.
This follows the conclusion of the fourth round of negotiations earlier this month. The review of AITIGA, signed in 2009, is seen as a key step in bolstering trade relations between India and the ASEAN region, ensuring sustainable growth, the ministry said in a statement.
The AITIGA Joint Committee, which oversees the review, includes eight sub-committees focusing on various aspects, including market access, rules of origin, standards and technical regulations, customs procedures, economic and technical cooperation, trade remedies, and legal and institutional provisions.
ASEAN is a significant trade partner for India, accounting for 11 per cent of India’s global trade. Bilateral trade between the two stood at USD 121 billion in 2023-24 and reached USD 73 billion during April-October this year, recording a 5.2 per cent growth.
The review has been a long-standing demand of Indian businesses, aimed at addressing barriers and preventing misuse of the agreement.
ASEAN, or the Association of Southeast Asian Nations, comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
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