India and the ten-bloc Asean have agreed to fast track the negotiations for the review of the existing free trade agreement in goods between the two regions and conclude the talks in 2025, stated an official statement on Monday. The issue was discussed during the twentieth Asean Economic Ministers-India Consultation meeting held at Indonesia’s Semarang, as per a PTI report. The main agenda of this year’s meeting was a timely review of the ASEAN-India Trade in Goods Agreement (AITIGA) which was signed in 2009 and implemented in January 2010, said the commerce ministry.
As per the statement, the AITIGA review was a long-standing demand of the businesses from India and the early commencement of the review would help in making the FTA trade facilitative and mutually beneficial.
"The ministers agreed to follow a quarterly schedule of negotiations and conclude the review in 2025. The review of AITIGA is expected to enhance and diversify trade while addressing the current asymmetry in bilateral trade," it added.
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The decision for review of AITIGA will now be put forth during the upcoming India-ASEAN Leader’s Summit which will be held in early September for further guidance.
Meanwhile, a joint statement issued in Semarang stated that both the regions agreed to make the agreement more user-friendly, simple, and trade facilitative for businesses to increase trade and support sustainable and inclusive growth.
The consultation was co-chaired by Indonesian Trade Minister Zulkifli Hasan and Additional Secretary in India's Department of Commerce Rajesh Agrawal, according to the PTI report.
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The request for review of the agreement by India was made with an aim to eliminate barriers and misuse of the trade pact.
The ten-member ASEAN bloc includes Brunei, Cambodia, Indonesia, Laos, Myanmar, Malaysia, the Philippines, Thailand, Singapore, Vietnam.