November 25, 2024
Eight sub-committees under the AITIGA Joint Committee address market access, rules of origin, and trade remedies
ASEAN constitutes 11% of India’s global trade, with bilateral trade reaching $121 billion in FY24
Commerce Secretary Sunil Barthwal visited Norway to accelerate the Trade and Economic Partnership Agreement (TEPA) with the EFTA bloc
Discussions focused on unlocking a $100 billion investment potential and promoting Indian exports to EFTA countries
According to the Ministry of Commerce and Industry, the next phase of negotiations to review the India-ASEAN Trade in Goods Agreement (AITIGA) will take place in February 2025 in Jakarta, Indonesia. The fourth round of talks concluded this month, with discussions spanning key issues such as market access, rules of origin, standards, and trade remedies. The AITIGA, signed in 2009, aims to boost sustainable trade between India and the ASEAN region, comprising ten member nations, including Indonesia, Malaysia, and Vietnam.
India has called for revisiting the agreement to address trade barriers and prevent misuse. ASEAN represents approximately 11% of India’s global trade, with bilateral trade totalling $121 billion in FY24 and showing steady growth in the current fiscal year.
In a separate development, Commerce Secretary Sunil Barthwal’s recent visit to Norway focused on expediting the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA), which includes Iceland, Liechtenstein, Norway, and Switzerland. The pact, signed earlier this year, is yet to see a finalised implementation date.
Barthwal’s discussions with Norwegian officials emphasised opening markets for Indian goods and services, advancing professional mobility, and exploring a US$100 billion investment opportunity. Efforts to energise institutional mechanisms and finalise the next steps for TEPA ratification were also prioritised.
These developments highlight India’s proactive approach to strengthening global trade ties while addressing challenges under existing agreements.
Source: Economic Times