India-ASEAN Trade Pact Undergoes Review for Modernization in February

• India and the Association of Southeast Asian Nations (ASEAN) are poised to commence negotiations in February aimed at modernizing their existing free trade agreement (FTA) and addressing the prevailing trade deficit, currently standing at $43.57 billion. The initiative seeks to revamp the ASEAN India Trade in Goods Agreement (AITGA) by 2025.
• The negotiations will primarily concentrate on the introduction of product-specific rules and trade remedies, with the overarching goal of enhancing the efficiency of the FTA. Recognizing the need for a comprehensive overhaul, the discussions will delve into critical aspects such as the Rules of Origin (ROO) and the integration of a dedicated chapter on trade remedies to safeguard domestic industries.

Also Read: Weekly Current Affairs (International) 18-24 November 2023 Bitbank: Where is the ASEAN-India Millet Festival 2023 currently being held?

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Published date : 27 Dec 2023 07:42AM