India, ASEAN agree to review FTA by 2025

India, ASEAN agree to review FTA by 2025

• In a significant move, India and the ASEAN countries have come to an agreement to reevaluate their existing free trade pact for goods. The aim of this review is to address the existing trade imbalances and disparities between the two parties. The announcement was made by the Commerce Ministry, indicating the commitment to enhance bilateral trade relations.
• The Joint Committee of the ASEAN-India Trade in Goods Agreement (AITIGA), which was originally signed in 2009, convened to discuss the roadmap for revisiting the pact. The committee successfully finalized the terms of reference for commencing fresh negotiations, setting the stage for a comprehensive review of the trade agreement.
• The reviewed AITIGA will now move forward to the India-ASEAN Leaders’ Summit, scheduled to take place in early September. At this summit, further guidance and direction will be provided, marking another crucial milestone in the journey towards a revitalized and balanced trade relationship between India and ASEAN.

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Published date : 23 Aug 2023 03:55PM