The Ministry of Commerce and Industry announced on Saturday that India and the Association of Southeast Asian Nations (ASEAN) will hold the next round of talks to review their Free Trade Agreement (FTA) in Goods in February 2025. The fourth round of negotiations concluded this month.
The ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee oversees eight sub-committees focusing on key areas such as market access, rules of origin, standards and technical regulations, customs procedures, economic and technical cooperation, trade remedies, and legal and institutional provisions.
The upcoming review of the AITIGA in Jakarta, Indonesia, aims to strengthen trade ties with the ASEAN region and foster sustainable economic growth. ASEAN, comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, accounts for approximately 11% of India’s global trade.
India-ASEAN Trade on the Rise
Bilateral trade between India and ASEAN reached a significant milestone of $121 billion in FY24. In the current fiscal year (April-October 2024), the trade figure stands at $73 billion, reflecting a 5.2% growth.
Exploring a Faster India-EFTA FTA
In parallel, Commerce Secretary Sunil Barthwal’s recent visit to Norway aimed to accelerate the implementation of a free trade agreement between India and the European Free Trade Association (EFTA). EFTA, comprising Iceland, Liechtenstein, Norway, and Switzerland, presents substantial trade opportunities for Indian businesses.
By streamlining trade processes and eliminating barriers, these FTAs have the potential to boost economic growth, create jobs, and enhance global competitiveness for both India and its trading partners.
