India, ASEAN to hold next round of negotiations on FTA review Nov 15-22
This story was originally published at 17:45 IST on 14 November 2024
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--Govt: Next round of India-ASEAN FTA review negotiations Nov 15-Nov 22
NEW DELHI – Trade officials from India and the Association of Southeast Asian Nations will hold the next round of negotiations to review the existing free trade agreement from Nov. 15 to Nov. 22 in New Delhi, the commerce ministry said. The two sides had held the last round of discussions in August.
India and the regional bloc had last year decided to meet quarterly for negotiations to review the free trade agreement signed in 2009. The two sides aim to conclude the review process in 2025.
The total trade between India and ASEAN has increased substantially since the signing of the trade deal, but primarily on account of imports to India. India's trade deficit with ASEAN, which comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam, has expanded more than fivefold to $38.46 billion in 2023-24 (Apr-Mar) from $8.68 billion in FY10.
India and ASEAN aim to increase overall trade to $200 billion by 2025 from $120.87 billion in FY24. The total trade with ASEAN in FY24 comprised $41.21 billion of exports and $79.66 billion of imports. While India's exports to ASEAN have more than doubled since signing the free trade agreement, imports have risen nearly three times. End
US$1 = INR 84.40
Reported by Krity Ambey
Edited by Saji George Titus
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