Meeting of ASEAN-India Trade in Goods Agreement Joint Committee Held

The ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee held its 3rd meeting in Vanijya Bhawan, New Delhi, from February 16-19, 2024.

About AITIGA

• In 2009, the AITIGA was signed by both parties. In September 2022, they assigned the AITIGA Joint Committee to review the agreement. 
• The review aimed to make the agreement more trade-facilitative and mutually beneficial. For this purpose, eight sub-committees were established under the AITIGA Joint Committee. 
• These sub-committees were assigned to negotiate different policy areas related to the agreement. The Joint Committee held its first two meetings in May and August 2023.
• In the third meeting, the Joint Committee discussed the progress made in the negotiations. They identified the focus areas for further deliberations and updated the work programme for review. The Joint Committee also guided the sub-committees to carry forward the negotiations.

India-ASEAN trade

• India's trade with the Association of Southeast Asian Nations (ASEAN) has increased to $USD 131.58 billion in the fiscal year 2022-23. Reviewing the ASEAN-India Trade in Goods Agreement (AITIGA) will further enhance the trade relationship between India and ASEAN in a balanced and sustainable way. 
• Both sides are aiming to conclude the review by 2025. The 4th meeting of the AITIGA Joint Committee is scheduled to be held in Kuala Lumpur, Malaysia, in May 2024.

ASEAN (Association of Southeast Asian Nations):

• ASEAN, the Association of Southeast Asian Nations, was established in 1967 when the founding nations signed the ASEAN Declaration (also known as the Bangkok Declaration). 
• It comprises ten countries: Indonesia, Thailand, Vietnam, Laos, Brunei, Philippines, Singapore, Cambodia, Malaysia and Myanmar. ASEAN is considered one of the most influential groupings in Southeast Asia due to its strategic location at the intersections of the Indo-Pacific region, making it a focal point for both regional and global powers.
• Founding Nations: Indonesia, Malaysia, Philippines, Singapore and Thailand.