India, ASEAN Review Trade Agreement: Key Updates

New Delhi, Feb 19 (PTI) Eight sub-committees have been constituted under the India-Asean free trade agreement joint committee for undertaking negotiations on different areas related to the review of the pact, an official statement said on Monday.

India hosted the third meeting of the committee for undertaking the review here from February 16-19.

The AITIGA (Asean-India trade in goods agreement) was signed in 2009.

In September 2022, both sides tasked the AITIGA Joint Committee to undertake the review to make the agreement more trade facilitative and mutually beneficial.

"A total of eight sub-committees have been constituted under the AITIGA Joint Committee for undertaking negotiations on different policy areas related to the agreement," the commerce ministry said.

The first two meetings of the joint committee were held in May and August last year.

In the meeting, the ministry said, the sub-committees reported the progress and outcome of their discussions related to market access, rules of origin and standards, technical regulations and conformity assessment procedures to the joint committee.

India-10-nation bloc ASEAN trade has grown to USD 131.58 billion in 2022-23.

Both sides are aiming to conclude the review in 2025.

The fourth meeting of AITIGA joint committee is planned to be held in Kuala Lumpur, Malaysia, in May.

The review of the AITIGA was a long-standing demand of Indian businesses.

India is asking for a review of the agreement with an aim to eliminate barriers and misuse of the trade pact.

Asean members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.