ASEAN accounts for 11% of share in India’s global trade
The 5th meeting of ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee and related meetings for enhancing economic cooperation between ASEAN and India.
The meeting was held at ASEAN Secretariat, Jakarta, from 29th July to 1st August 2024.
The meeting was co-chaired by Rajesh Agrawal, Additional Secretary, Department of Commerce commerce , and Mastura Ahmad Mustafa, Deputy Secretary General (Trade), Ministry of Investment, Trade & Industry, Malaysia.
Delegates from all 10 ASEAN Countries and India participated in the meeting bse.
ASEAN is an important trade partner of India with about 11% share in India’s global trade, the Commerce and Industry Ministry said on 3 Aug 2024 nse .
“The review of AITIGA, signed in 2009, will help create further opportunities for businesses on both sides to enhance the level of India-ASEAN trade,” said the Ministry sbi .
The next meeting of AITIGA Joint Committee will be held in India from 19-22 November 2024 sgx.
AITIGA Joint Committee had initiated discussions for review of AITIGA in May 2023 and after finalising its Terms of Reference and Negotiating Structure, AITIGA JC and its Sub-Committees started negotiations in February 2024 bursamalaysia .
The first 2 rounds of negotiations were held in February 2024 in New Delhi and in May 2024 in Putrajaya, Malaysia iba .
During the 3rd round of negotiations in Jakarta, all 8 Sub-Committees dealing with ‘National Treatment and Market Access’, ‘Rules of Origin’, ‘Standards, Technical Regulations and Conformity Assessment Procedures’, ‘Sanitary and Phytosanitary’, ‘Legal and Institutional Issues’, ‘Customs Procedures and Trade Facilitation’, ‘Trade Remedies’ and ‘Economic and Technical Cooperation’ met alongside 5th AITIGA JC and held substantive discussions making significant progress during this round investindia.
All the Sub-Committees reported the outcomes of their discussions to the 5th AITIGA JC which provided them further guidance to steer their future work digitalasiahub .
The Indian lead of delegation held bilateral meetings with his counterparts from Malaysia, Singapore, Indonesia idx and Vietnam hsx on the sidelines of 5th AITIGA JC meeting to develop a common understanding on the issues being discussed in the AITIGA review.
Separate meetings were also held with ASEAN Secretary General Dr Kao Kim Hourn as well as ASEAN Deputy Secretary General Satvinder Singh to discuss the possibilities in enhancing economic cooperation between India fieo and ASEAN through review of AITIGA. Fiinews.com
