Urgent need to upgrade India-ASEAN trade pact, says Minister Goyal
This story was originally published at 11:04 IST on 21 September 2024
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NEW DELHI – Commerce and Industry Minister Piyush Goyal on Friday said that there was an urgent need to upgrade the existing free trade agreement with the Association of South East Asian Nations. A delay in upgrading the ASEAN-India Trade in Goods Agreement could lead to diversion of bilateral trade to other regions, Goyal said at the 21st ASEAN-India Economic Ministers meeting in Vientiane, Laos.
"The Ministers encouraged the AITIGA Joint Committee to expedite the negotiations to conclude the review in 2025," the commerce ministry said in a release.
Goyal said that the review of the trade agreement must address the injury to industries from the existing free trade agreement and the inequitable tariff liberalisation, the ministry said.
"The Ministers reiterated the commitment to ensure that the outcome of the review should be mutually beneficial and commercially meaningful and will make the AITIGA more effective, user-friendly, simple, and trade facilitative for businesses," the commerce ministry said.
Goyal reiterated India's request for setting up of Joint Committees under the two separate Agreements on Services and Investment, signed in 2014, to review the implementation of these Agreements, the ministry said. India and ASEAN had a bilateral trade of $120.9 bln in 2023-24 (Apr-Mar) with ASEAN accounting for 10.9% of India's global trade. End
US$1 = 83.56 rupees
Reported by Shubham Rana
Edited by Aditya Sakorkar
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