ASEAN remains pivotal trade partner for India, says Ministry
The ASEAN-India Trade in Goods Agreement (AITIGA) was reviewed in New Delhi from 7-11 April as trade experts worked on to build the bilateral trade which in 2023-24 US$121 billion.
The event, conducted in a hybrid format, was co-chaired by Rajesh Agrawal, Additional Secretary, Department of Commerce, and Deputy Co-Chair Dr Sugumari S. Shanmugam, Senior Director Ministry of Investment, Trade and Industry, Malaysia. The meeting saw participation from delegates representing ASEAN countries, including Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.
The committee’s primary objective was to advance the ongoing review of the AITIGA, aiming to modernize the agreement to be more effective, user-friendly, and conducive to trade. Five out of eight Sub-Committees (SCs) under the AITIGA JC also conducted hybrid meetings on the margins of the 8th AITIGA JC https://www.commerce.gov.in/.
Out of which, four SCs, namely Sub-Committee on Customs Procedures and Trade Facilitation (SC-CPTF); Sub-Committee on Economic & Technical cooperation (SC-ETC); Sub-Committee on National Treatment and Market Access (SC-NTMA); and Sub-Committee on Sanitary and Phytosanitary (SC-SPS) met in New Delhi, while the Sub-Committee on Rules of Origin (SC-ROO) met in Jakarta, facilitating progress in textual discussions and progressing in groundwork for tariff negotiations.
ASEAN remains a pivotal trade partner for India, accounting for approximately 11% of India’s global trade, the Commerce and Industry Ministry said on 11 April after the review https://fieo.org/.
The next AITIGA JC meeting is scheduled for June 2025 in Kuala Lumpur continuing the collaborative efforts to enhance ASEAN-India economic integration. Fiinews.com
