ASEAN INDIA TRADE IN GOODS AGREEMENT
The 4th Joint Committee meeting for the review of AITIGA (ASEAN-India Trade in Goods Agreement) was held in Putrajaya, Malaysia from 7-9 May 2024.
The delegates from India and all 10 ASEAN countries participated in the discussions.
PURPOSE
The discussions for review of AITIGA, to make it more trade-facilitative and beneficial for businesses across the region, started in May 2023. Other areas which will be addressed:
- Modernise the pact
- The trade deficit for India is high. (Trade deficit in 2009: 7.5 billion USD; Trade deficit in FY 23: 43.57 billion USD)
- To incorporate rules of origin
The Joint Committee undertaking the review work has met four times so far.
ABOUT INDIA ASEAN TRADE
ASEAN is one of the major trade partners of India with a share of 11% in India’s global trade.
The bilateral trade stood at USD 122.67 Bn during 2023-24.
The upgradation of AITIGA will further boost bilateral trade. Both sides would next meet for the 5th Joint Committee meeting from 29-31 July 2024 in Jakarta, Indonesia.
ABOUT ASEAN
FORMED IN: 1967 (by Thailand, Singapore, Philippines, Malaysia, and Indonesia.)
AIM: promoting the socio-economic growth, political stability of individual countries, and regional stability among its members.
HQ: Jakarta
DIALOGUE PARTNERS: China, India, Australia, NZ, Japan, S.Korea, Russia & USA.
