India drives EXIM growth, hosting ASEAN-India Trade Pact talks in New Delhi to strengthen regional trade.
In a significant boost to India’s export-import (EXIM) sector, the 6th ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee meeting was held at Vanijya Bhawan, New Delhi, from November 15-22, 2024. This crucial event aimed to review and advance the trade framework between India and the 10 ASEAN nations, which together account for a substantial share of India’s global trade.
Co-chaired by Rajesh Agrawal, Additional Secretary, Department of Commerce, India, and Mastura Ahmad Mustafa, Deputy Secretary General (Trade), Ministry of Investment, Trade & Industry, Malaysia, the discussions drew participation from all ASEAN member states—Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.
The two-day Joint Committee meeting (November 21-22) was supported by deliberations from eight Sub-Committees focusing on pivotal trade areas, including market access, rules of origin, customs procedures, and technical regulations. Notably, five of these subcommittees convened physical meetings, reflecting the intent to resolve complex issues impeding EXIM growth and economic cooperation.
This round of negotiations follows the high-level ASEAN-India Economic Ministers Meeting and ASEAN-India Summit, both held in Vientiane, Laos, earlier this year. Leaders from both regions have underscored the importance of completing the AITIGA review by 2025 to unlock new EXIM opportunities and promote sustainable trade practices.
India leveraged the presence of ASEAN delegates for bilateral trade discussions, particularly with representatives from Thailand and Indonesia, addressing specific EXIM challenges and facilitating smoother trade flows. A focused meeting between Indian and ASEAN Chief Negotiators further developed a mutual roadmap to address trade barriers and explore new markets.
ASEAN stands as a cornerstone of India’s trade ecosystem, contributing 11% of its global trade. Bilateral trade surged to USD 121 billion in 2023-24, with a 5.2% growth to USD 73 billion in April-October 2024. The review of AITIGA is expected to further bolster India’s EXIM performance, creating pathways for enhanced exports and more accessible imports of essential goods.
With the next meeting slated for February 2025 in Jakarta, Indonesia, India continues to position itself as a key player in strengthening regional trade dynamics and expanding EXIM opportunities with ASEAN nations.
