India-Asean Free Trade Agreement Undergoes Review: Eight Sub-Committees Formed

New Delhi, Feb 20 (KNN) India and the ASEAN nations have taken significant steps towards reviewing the India-Asean Free Trade Agreement (AITIGA) to enhance trade facilitation and mutual benefits.

The recent meeting held in India from February 16-19 witnessed the formation of eight sub-committees aimed at negotiating various aspects of the agreement.

Signed in 2009, the AITIGA has been pivotal in fostering trade relations between India and the ASEAN bloc, which has seen trade soar to USD 131.58 billion in 2022-23.

Recognising the need for a comprehensive review, both sides tasked the AITIGA Joint Committee in September 2022 to undertake this endeavour.

With the first two meetings held last year in May and August, the recent gathering saw significant progress.

Sub-committees reported advancements in discussions concerning market access, rules of origin, standards, and technical regulations, among others.

Looking ahead, the objective is to conclude the review by 2025, underscoring the commitment of both parties to strengthen their trade ties.

The upcoming fourth meeting scheduled in May in Kuala Lumpur, Malaysia, underscores the collaborative effort towards achieving this goal.

The review of the AITIGA addresses longstanding demands from Indian businesses, aiming to address barriers and prevent misuse of the trade pact.

As negotiations progress, both India and the ASEAN nations, comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, are poised to unlock new opportunities for economic cooperation and growth.

(KNN Bureau)