Next round of India-Asean FTA review talks in Nov

economictimes.indiatimes.com:

trade agreement (FTA) in goods will be held in November, the commerce and industry ministry said on Saturday. ASEAN or the Association of Southeast Asian Nations comprises 10 countries.

The third round of the negotiations was concluded on August 1 in Jakarta, Indonesia.

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

Eight sub-committees have been constituted under the India-Asean FTA joint committee for undertaking negotiations on different areas related to the review of the pact.

“The next meeting of AITIGA (Asean-India trade in goods agreement) Joint Committee will be held in India from 19-22 November 2024,” ministry said.

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

During the third round of negotiations in Indonesia, all eight sub-committees dealing with national treatment and market access, rules of origin, standards, technical regulations, customs procedures and trade facilitation.

“The review of AITIGA, signed in 2009, will help create further opportunities for businesses on both sides to enhance the level of India-ASEAN trade,” it said. Both sides aim to conclude the review in 2025.

India has been demanding a review of the pact to eliminate barriers and its misuse.

India’s exports to the Asean in FY24 was $41.2 billion while imports were $80 billion.