KUALA LUMPUR: India and Asean member countries have agreed to review their free trade pact for goods and set a goal of concluding the review by 2025 earlier today (August 28), said the Asean-India Business Council (AIBC).
AIBC co-chairman Datuk Ramesh Kodammal, said a Joint Committee of the Asean-India Trade in Goods Agreement (AITIGA), signed in 2009, deliberated on the roadmap for the review of the pact and finalised the terms of reference for the fresh negotiations, ahead of the 20th Asean-India Economic Ministers' meeting held in Semarang, Indonesia on August 21.
He said the AITIGA review will now be taken up at the India-Asean Leaders' Summit scheduled early next month for further guidance.
"The review of the AITIGA was a long-standing demand of Asean and Indian businesses and the early commencement of the review would help in making trade facilitative and mutually beneficial," he said in a statement.
The 20th Asean-India Economic Ministers' meeting was attended by the Economic Ministers or their representatives from all the 10 Asean countries. Democratic Republic of Timor-Leste also joined the Meeting as an observer.
The international media reported that the ministers reviewed the bilateral trade and investment relations between India and Asean and underscored their commitment to strengthen and enhance the economic partnership.
This was to ensure that the Asean-India Comprehensive Strategic Partnership delivers meaningful benefits for both sides, particularly in the post-pandemic era.
India and Asean recorded trade of US$131.5 billion (RM612 billion) in 2022-23. The trade with Asean accounted for 11.3 per cent of India's global trade in 2022-23.
The ministers also interacted with AIBC and took note of the activities undertaken by AIBC in 2023, including the 5th Asean-India Business Summit held on March 6, 2023, in Kuala Lumpur.-BERNAMA
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