New Delhi, Sept 20: Commerce and Industry Minister Piyush Goyal has embarked on a two-day visit to Vientiane, Laos, to participate in the 21st ASEAN-India Economic Ministers (AEM-India) meeting and the 12th East Asia Summit Economic Ministers Meeting (EAS EMM). A key focus of his visit will be reviewing the progress of talks regarding the India-ASEAN Free Trade Agreement (FTA) in goods.
The ongoing review of the ASEAN-India Trade in Goods Agreement (AITIGA) is a high priority for India, with the aim to make the trade pact more business-friendly and reduce complexities for smoother transactions. Both sides aim to conclude the review by 2025. This agreement, originally signed in 2009, has been a cornerstone of India’s trade relationship with the ASEAN region, which comprises 10 Southeast Asian nations.
During his visit, Goyal will hold bilateral meetings with his counterparts from countries like Korea, Malaysia, Switzerland, Myanmar, and Laos. These meetings are expected to strengthen India’s economic partnerships beyond ASEAN.
ASEAN remains a vital trade partner for India, contributing around 11% to India’s global trade. In the last fiscal year (2023-24), India’s exports to ASEAN totaled USD 41.2 billion, while imports from the region stood at USD 80 billion.
The upcoming fourth round of talks on the India-ASEAN trade pact review is scheduled for November, following the completion of the third round of negotiations in August in Jakarta, Indonesia.
India’s collaboration with ASEAN, which started in 1992, has evolved into a Comprehensive Strategic Partnership as of 2022. For the past two years, ASEAN has been India’s second-largest trading partner. This review is crucial for addressing longstanding concerns of Indian businesses, particularly in tackling trade barriers and preventing the misuse of the agreement.
The ASEAN member nations include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
