Union Minister of State for Commerce and Industry, Jitin Prasada, held a bilateral meeting on Tuesday with Malaysian Deputy Minister of Investment, Trade, and Industry, Liew Chin Tong, to explore ways to strengthen trade relations and review progress on the ASEAN-India Trade in Goods Agreement (AITIGA).
Both leaders agreed to accelerate the review of AITIGA, aiming for a substantial conclusion by 2025, according to a statement from the Ministry of Commerce and Industry.
Malaysia is one of the ten-member countries of ASEAN and will chair the group in 2025.
Discussions also covered bilateral trade issues, enhancing market access, boosting collaboration in the semiconductor industry, and expanding cooperation in the services sector. Additionally, the Foreign Manufacturers Certification Scheme (FMCS) of the Bureau of Indian Standards (BIS) was reviewed.
Malaysia is India’s third-largest trading partner in ASEAN, with total trade valued at USD 20.02 billion in 2023-24, accounting for approximately 17% of India’s total trade with ASEAN, the commerce ministry statement said.