India and ASEAN Countries Agree to Review Free Trade Pact for Goods

• 23 Aug 2023

On 21^st August, India and ASEAN nations reached an agreement to reevaluate their free trade agreement for goods.

Key Points:

• Roadmap for Review: The committee has also finalized the terms of reference for the upcoming negotiations. These discussions took place ahead of an ASEAN-India Economic Ministers’ meeting held in Indonesia.
• Upcoming Summit: The review of AITIGA will be a focal point at the India-ASEAN Leaders’ Summit scheduled for early September.
• Demand of Indian Businesses: Initiating the review process promptly is expected to make trade more facilitative and mutually advantageous.
• Timeline for Review: The ministers have agreed to adhere to a quarterly negotiation schedule with the aim of concluding the review by 2025.
• Significance: This review is anticipated to boost and diversify trade while addressing the existing trade imbalances between India and ASEAN.