India’s bilateral trade with the Association of Southeast Asian Nations (ASEAN) grew by 5.2% to reach $73 billion during the April-October period of this fiscal year, the government informed on Saturday.
ASEAN is one of India’s major trade partners, accounting for about 11% of India’s global trade. Bilateral trade in FY2023-24 was valued at $121 billion, according to the Ministry of Commerce and Industry.
The sixth ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee meeting and related discussions on the review of the AITIGA took place from November 15-22 in New Delhi.
Leaders and delegates from all 10 ASEAN countries—Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam—participated in the meeting.
During their visit, ASEAN delegates also attended bilateral meetings with representatives from Thailand and Indonesia to discuss trade issues between the countries.
The Indian and ASEAN chief negotiators also held a separate meeting to discuss key issues and outline a way forward.
“The review of AITIGA will be a step forward in enhancing trade with the ASEAN region in a sustainable manner. The next meeting of the AITIGA Joint Committee is scheduled for February 2025 in Jakarta, Indonesia,” the Ministry said in a statement.
The AITIGA Joint Committee consists of eight sub-committees addressing areas such as market access, rules of origin, sanitary and phytosanitary (SPS) measures, standards and technical regulations, customs procedures, economic and technical cooperation, trade remedies, and legal and institutional provisions.
SPS measures are biosecurity protocols designed to protect human, animal, and plant life or health from pests, diseases, and contaminants in food and feed.
(Inputs from IANS)