India, ASEAN Push To Fast-Track Review Of Trade Agreement: Piyush Goyal

New Delhi, Jul 10 (KNN) Commerce and Industry Minister Piyush Goyal announced on Thursday that discussions are underway with the Association of Southeast Asian Nations (ASEAN) to review the existing trade agreement, expressing his intention to expedite the negotiation process.

The announcement came during a meeting between Minister Goyal and his Malaysian counterpart, T. Zafrul Aziz, Malaysia's Minister of Investment, Trade and Industry. Malaysia currently serves as India's permanent coordinator from ASEAN on economic matters.

The ministers focused their discussions on the ongoing review of the ASEAN India Trade of Goods Agreement (AITIGA) and strategies to address current challenges within the framework.

Minister Goyal emphasised the importance of fast-tracking discussions with ASEAN member states to ensure fair trade and balanced growth between the regions.

The meeting also included deliberations on furthering the Comprehensive Economic Cooperation Agreement (CECA) between India and Malaysia.

These discussions hold particular significance as the review negotiations have been progressing at a slower pace than anticipated.

The review of the trade agreement represents a long-standing demand from Indian industry stakeholders. India is seeking an upgraded pact that will address existing asymmetries in bilateral trade and establish a more balanced and sustainable trading relationship with the ASEAN bloc.

ASEAN comprises ten member nations: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

The original free trade agreement in goods between India and the ASEAN bloc was signed in 2009 and became effective in January 2010.

In August 2023, both India and ASEAN announced their commitment to conduct a comprehensive review of the existing goods agreement, with a target completion date of 2025.

The review aims to modernise the trade framework and address concerns that have emerged since the agreement's initial implementation.

(KNN Bureau)