Meeting of ASEAN-India Trade in Goods Agreement committee concludes in Delhi
The 6th meeting of the ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee concluded in New Delhi, with leaders urging an expedited review process to conclude negotiations by 2025.
ANI
Nov 23, 2024 13:12 IST
New Delhi [India], November 23 (ANI): The 6th meeting of the ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee concluded in New Delhi, with leaders urging an expedited review process to conclude negotiations by 2025.
According to an official statement by Ministry of Commerce & Industry, the meeting brought together representatives from India and all 10 ASEAN member states: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
The meeting was held from November 15-22 at Vanijya Bhawan in Delhi.
The ministry also stated that there are 8 Sub-Committees under the AITIGA Joint Committee for negotiations on market access, rules of origin, technical standards, customs procedures, trade remedies, and legal frameworks.
While all Sub-Committees participated in discussions, five held physical meetings on the sidelines, marking significant progress in textual negotiations and laying groundwork for tariff-related talks.
The ministry added, "This round of AITIGA review negotiations was preceded by two high level meetings, 21st ASEAN-India Economic Ministers Meeting in September 2024 and 21st ASEAN-India Summit in October 2024, both in Vientiane, Laos".
During the current round of negotiations, bilateral meetings with Thailand and Indonesia were also conducted to address specific trade issues.
Indian and ASEAN Chief Negotiators held separate discussions to strengthen mutual understanding and set the course for future dialogue.
ASEAN is a key trade partner for India, contributing to 11 per cent of its global trade.
The ministry also stated that the bilateral trade between India and ASEAN reached USD 121 billion in 2023-24 and grew by 5.2 per cent to USD 73 billion in the first half of 2024-25.
The review of the AITIGA is expected to further boost trade sustainably, fostering deeper economic ties.
The next meeting of the AITIGA Joint Committee is scheduled for February 2025 in Jakarta, Indonesia. This review is seen as an important step toward enhancing trade relations between India and ASEAN nations. (ANI)
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