India and ASEAN Forge Deeper Economic Ties Through AITIGA Review

India and ASEAN Forge Deeper Economic Ties Through AITIGA Review

India and the Association of Southeast Asian Nations (ASEAN) took a significant step towards strengthening their economic partnership with the successful conclusion of the 5th AITIGA Joint Committee meeting in Jakarta, Indonesia. This pivotal gathering aimed to review and enhance the ASEAN-India Trade in Goods Agreement (AITIGA), a cornerstone of bilateral trade relations. The meeting, co-chaired by India and Malaysia, brought together delegates from all 10 ASEAN member states and India to discuss strategies for boosting trade and investment. Since its initiation in May 2023, the AITIGA review process has seen substantial progress, with three rounds of negotiations resulting in constructive discussions across eight key sub-committees covering crucial areas like market access, rules of origin, standards, sanitary and phytosanitary measures, legal and institutional frameworks, customs procedures, trade remedies, and economic cooperation. Recognizing the importance of industry feedback, the Indian delegation engaged with businesses in Jakarta to understand their perspectives and expectations from the AITIGA review. As ASEAN is India’s major trading partner, accounting for approximately 11% of its global trade, the successful conclusion of the AITIGA review is poised to unlock new opportunities for businesses on both sides, fostering economic growth and prosperity. The next AITIGA Joint Committee meeting is scheduled for November 2024 in India, promising further advancements in the India-ASEAN economic partnership.

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