India Calls for Fairer Trade Terms in ASEAN Pact Review

India has called for addressing concerns of its domestic industries affected by the current free trade agreement (FTA) with ASEAN. Commerce Minister Piyush Goyal emphasized the need to rectify inequitable tariff liberalization. The review aims to upgrade the pact to make trade more balanced and sustainable.

India has called for urgent measures to address the concerns of its domestic industries impacted by the existing free trade agreement (FTA) with the 10-nation ASEAN bloc. As the two regions engage in reviewing the pact, Commerce and Industry Minister Piyush Goyal highlighted the necessity of rectifying the inequitable tariff liberalization under the agreement.

During a stock-taking exercise of the review talks in Laos for the ASEAN-India Trade In Goods Agreement (AITIGA), Minister Goyal stressed the importance of mitigating the damage to Indian industries. He warned that failing to upgrade the AITIGA could result in a diversion of bilateral trade to other regions. India's commitment to integrating with other economies through FTAs was also cited.

Economic ministers from the ASEAN countries, including representatives from Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam, reiterated their commitment to a mutually beneficial and commercially meaningful outcome for the review. The aim is to make the AITIGA more effective, user-friendly, and trade-facilitative, with the review expected to conclude by 2025.

(With inputs from agencies.)