August 5, 2024
The third round of negotiations concluded on 1 August 2024 in Jakarta, Indonesia, involving eight sub-committees addressing various aspects of the agreement
The review process, initiated in September 2022, aims to make the ASEAN-India Trade in Goods Agreement (AITIGA) more trade-facilitative and beneficial for both parties
Discussions during the third round covered national treatment, market access, rules of origin, standards, technical regulations, customs procedures, and trade facilitation
ASEAN remains a significant trade partner for India, with Indian exports to the bloc amounting to US$ 41.2 billion and imports reaching US$ 80 billion in 2023-24
The next round of discussions for the ongoing review of the India-ASEAN Free Trade Agreement in goods, known as the Asean-India Trade in Goods Agreement (AITIGA), is scheduled to be held in India from 19 to 22 November 2024. This announcement follows the conclusion of the third round of negotiations on 1 August 2024 in Jakarta, Indonesia.
Eight sub-committees have been established under the AITIGA Joint Committee to focus on different areas of the review. These include national treatment and market access, rules of origin, standards, technical regulations, customs procedures, and trade facilitation. The review process began in September 2022 and aims to enhance the agreement’s trade-facilitation aspects and increase mutual benefits.
The AITIGA, signed in 2009, is crucial for boosting trade between India and ASEAN, a region that contributes approximately 11% to India’s global trade. In the fiscal year 2023-24, India’s exports to ASEAN were valued at US$ 41.2 billion, while imports from the bloc totalled US$ 80 billion. Both parties aim to finalise the review by 2025 to address barriers and prevent misuse of the trade pact. ASEAN members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
Source: Economic Times