Commerce and Industry Minister Piyush Goyal is visiting Laos for two days, starting Friday, to participate in the 21st ASEAN-India Economic Ministers (AEM-India) meeting and the 12th East Asia Summit Economic Ministers Meeting (EAS EMM), according to an official statement.
During the AEM-India meeting, discussions will focus on the progress of negotiations for the review of the ASEAN-India Trade in Goods Agreement (AITIGA). This review is a priority for India, aiming to make the agreement more user-friendly and trade-facilitative for businesses.
Goyal is also scheduled to hold several bilateral meetings with counterparts from participating countries, including ministers from Laos, Korea, Malaysia, Switzerland, and Myanmar.
India has been engaged with ASEAN since 1992 and became a Comprehensive Strategic Partner in 2022. Over the past two years, ASEAN has been India’s second-largest trading partner. In 2023-24, India’s exports to the 10-nation bloc reached USD 41.2 billion, while imports totalled USD 80 billion.
The ongoing review of the AITIGA is expected to conclude in 2025, with the next round of talks planned for November. The third round of negotiations concluded on 1 August in Jakarta, Indonesia. Indian businesses have long demanded this review to eliminate barriers and address the misuse of the trade pact, originally signed in 2009.
ASEAN consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
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