India, Asean to intensify efforts to conclude FTA review by 2025
India and the 10-nation bloc Asean on Monday said they have directed their officials to intensify their efforts to conclude the review of the existing free trade agreement in goods between the two regions by 2025. The issue was discussed during the twentieth AEM (Asean Economic Ministers)-India Consultation meeting, held at Semarang, Indonesia. According to a joint media statement, the meeting welcomed the progress of the review of the Asean-India Trade in Goods Agreement (AITIGA).
It also endorsed the term of reference of the AITIGA Joint Committee, the Work Plan of the review negotiations and the negotiating structure. Both sides agreed to make the agreement more user-friendly, simple and trade facilitative for businesses to increase trade and support sustainable and inclusive growth. «To this end, the meeting encouraged the officials to intensify their efforts with the aim of achieving a substantial conclusion of the review in 2025,» the statement said.
The consultation was co-chaired by Indonesian Trade Minister Zulkifli Hasan and Additional Secretary in India's Department of Commerce Rajesh Agrawal. It was a long pending demand of India to undertake the review of this agreement, which came into effect on January 1, 2010. India has asked for a review of the agreement with an aim to eliminate barriers and misuse of the trade pact.
Recently, Commerce and Industry Minister Piyush Goyal stated that the India-Asean trade agreement is the 'most ill-conceived' one. Members of the Asean include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. In general, such review exercise includes implementation issues, rules of origin; verification process and release of
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