New Delhi, May 13 (KNN) India and the Association of Southeast Asian Nations (ASEAN) are set to hold crucial talks in July to review their existing free trade agreement (FTA), aiming to bolster economic cooperation and facilitate greater trade between the regions.

According to a senior government official, a high-level delegation from ASEAN nations, comprising senior officials, will convene in Jakarta, Indonesia, from July 29 to 31 for the negotiations.

The primary focus of the review will be on the ASEAN Trade in Goods Agreement (ATIGA), which has been in effect since 2010.

The talks are expected to explore the possibility of including more goods and services under the purview of non-tariff barriers, thereby enhancing trade facilitation and benefiting businesses across the region.

The decision to review the ATIGA was taken during the 16th ASEAN-India Economic Ministers Meeting held in September 2019, following repeated requests from member nations.

The scope of the review was finalised in September 2022, and discussions commenced in May 2023 to make the agreement more trade-friendly and advantageous for businesses in both regions.

The most recent round of three-day negotiations concluded on May 9 in Putrajaya, Malaysia. Thus far, a joint committee overseeing the review process has met four times.

The upcoming talks in July hold significance as India and ASEAN seek to strengthen their economic ties and unlock new opportunities for trade and investment through a revised and comprehensive free trade agreement.

(KNN Bureau)