The next round of negotiations for the review meeting of the India-ASEAN Free Trade Agreement in Goods will be held in February next year.
The next round of talks to review the India-ASEAN Free Trade Agreement in Goods will be held in February next year, an official statement said on Saturday.
The fourth round of talks concluded here this month.
The Ministry of Commerce said that the review of AITIGA (Asian India Trade in Goods Agreement) will be a step forward to increase trade with the ASEAN region in a sustainable manner.
“The next meeting of the AITIGA Joint Committee is scheduled for February 2025 in Jakarta, Indonesia,” it states.
There are 8 sub-committees under the AITIGA Joint Committee to negotiate aspects related to market access, rules of origin, standards and technical regulations, customs procedures, economic and technical cooperation, trade remedies and legal and institutional provisions.
ASEAN as a group is one of India’s major trading partners, accounting for about 11 percent of India’s global trade.
Bilateral trade was USD 121 billion in 2023-24 and reached USD 73 billion during April-October this year with a growth of 5.2 percent.
AITIGA was signed in 2009.
A review of AITIGA was a long-standing demand of Indian businesses.
India is asking for a review of the agreement to remove barriers and abuses of the trade agreement.
ASEAN members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.