India is keen to review its existing trade pact with the Association of Southeast Asian Nations (ASEAN), especially in the wake of delayed finalisation of the India-US interim trade deal.
The Minister of Commerce and Industry, Piyush Goyal, said on Thursday he met his Malaysian counterpart, T Zafrul Aziz, to discuss the ongoing review of ASEAN India Trade of Goods Agreement (AITIGA).
“Had a productive meeting with @Tzafrul_Aziz, Malaysian Minister of Investment, Trade & Industry. Malaysia is India’s permanent coordinator from ASEAN on economic matters,” Goyal said in a post on X.
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Goyal also said he is looking forward to fast-track the negotiations and address any challenges during the review.
“Looking forward to fast-tracking discussions with ASEAN Member States to ensure fair trade and balanced growth,” he said adding, “We also discussed furthering discussions on the Comprehensive Economic Cooperation Agreement (CECA) between both the countries”.
While the progress of the talks is said to be slow, a review of the agreement has been a long-standing demand of the Indian industry. An upgraded pact will address the current asymmetries in bilateral trade and make trade more balanced and sustainable.
The 10-bloc ASEAN includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
A free trade agreement in goods between India and the ASEAN was signed in 2009, and a trade deal came into force in January, 2010.
In August 2023, both sides announced a complete review of the existing agreement on goods by 2025.
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