India-Asean Free Trade Agreement Review: Next Round of Talks Scheduled for November

The next round of negotiations for the India-Asean Free Trade Agreement in Goods is set for November, following the third round concluded in Jakarta. The review aims to make the agreement more beneficial and trade-facilitative. The agreement, initially signed in 2009, is being reviewed to address trade barriers and misuse.

The next round of talks for the ongoing review of the India-Asean Free Trade Agreement in Goods will be held in November, an official statement said on Saturday.

The third round of negotiations concluded on August 1 in Jakarta, Indonesia. Eight sub-committees under the India-Asean Free Trade Agreement Joint Committee are working on different areas of the review.

The Commerce Ministry announced that the next meeting of the AITIGA Joint Committee will take place in India from November 19-22, 2024.

The AITIGA, signed in 2009, is undergoing a review to make it more trade-facilitative and beneficial. This initiative was launched in September 2022 by both sides.

The recent talks in Jakarta focused on national treatment, market access, rules of origin, standards, technical regulations, and customs procedures.

The review is expected to create further opportunities for businesses to enhance India-Asean trade, which accounts for 11% of India's global trade.

India exported USD 41.2 billion to the ASEAN bloc in 2023-24, while imports amounted to USD 80 billion. The review is set to conclude by 2025.

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

(With inputs from agencies.)