as announced in an official statement on Monday.
During the third meeting of the joint committee, held from February 16-19, eight sub-committees were established to facilitate negotiations on various aspects of the pact. The ASEAN-India Trade in Goods Agreement (AITIGA) was initially signed in 2009, and in September 2022, both parties agreed to undertake a review to enhance its trade facilitation and mutual benefits.
The Commerce Ministry disclosed that the sub-committees have been tasked with addressing different policy areas related to the agreement, including market access, rules of origin, and standards, among others. Progress and outcomes from these discussions were presented to the joint committee during the meeting.
Trade between India and the ASEAN bloc reached $131.58 billion in the fiscal year 2022-23, demonstrating the significant economic ties between the two parties. Both sides aim to conclude the review process by 2025, with the fourth meeting of the AITIGA joint committee scheduled to take place in Kuala Lumpur in May.
The review of the AITIGA has been a longstanding demand from Indian businesses, seeking the removal of barriers and prevention of trade pact misuse. The ASEAN comprises ten member states, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
Following the establishment of the eight sub-committees during the third meeting of the joint committee, discussions have intensified to address various policy areas crucial to the enhancement of the ASEAN-India Trade in Goods Agreement (AITIGA).
The sub-committees have been diligently focusing on key aspects such as market access, rules of origin, and standards, among others, under the guidance of the Commerce Ministry. Progress made in these discussions was recently presented to the joint committee, signifying a step forward in the review process.
With trade between India and the ASEAN bloc reaching $131.58 billion in the fiscal year 2022-23, it’s evident that both parties recognize the significance of their economic ties. The commitment to conclude the review process by 2025 underscores the shared goal of fostering mutually beneficial trade relations.
Looking ahead, the fourth meeting of the AITIGA joint committee, scheduled to be held in Kuala Lumpur in May, presents another opportunity for constructive dialogue and collaboration. This ongoing review process addresses the longstanding demands of Indian businesses, aiming to eliminate barriers and ensure the fair utilization of the trade pact.
As the ASEAN comprises ten member states, including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, the review process remains inclusive and representative of the diverse interests within the region.
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