Next round of India-Asean trade agreement review talks in Nov

New Delhi: The next round of talks for the ongoing review meeting of the India-Asean free trade agreement in goods will be held in November, an official statement said on Saturday.

The third round of the negotiations was concluded on August 1 in Jakarta, Indonesia.

Eight sub-committees have been constituted under the India-Asean Free Trade Agreement Joint Committee for undertaking negotiations on different areas related to the review of the pact.

"The next meeting of the AITIGA (Asean-India Trade in Goods Agreement) Joint Committee will be held in India from 19-22 November 2024," the Commerce Ministry said.

The AITIGA was signed in 2009.

In September 2022, both sides tasked the AITIGA Joint Committee to undertake the review to make the agreement more trade-facilitative and mutually beneficial.

During the third round of negotiations in Jakarta, Indonesia, all eight Sub- Sub-Committees dealing with national treatment and market access, rules of origin, standards, technical regulations, customs procedures and trade facilitation held substantive discussions.

"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," the ministry said.

ASEAN is an important trade partner of India with about 11 per cent share in India's global trade.

India's exports to the 10-nation bloc ASEAN were USD 41.2 billion in 2023-24, while imports aggregated at USD 80 billion in the last fiscal.

Both sides are aiming to conclude the review in 2025.

The review of the AITIGA was a long-standing demand of Indian businesses.

India is asking for a review of the agreement to eliminate barriers and misuse of the trade pact.

Asean members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.