India’s Bilateral Trade With ASEAN Surges 5.2% To $73 Billion

India’s trade with the Association of Southeast Asian Nations (ASEAN) has experienced significant growth, rising 5.2% to $73 billion during the April-October period of this fiscal year, the government reported on Saturday.

ASEAN remains one of India’s key trade partners, accounting for around 11% of the country’s total global trade.

According to the Ministry of Commerce and Industry, in fiscal year 2023-24, total bilateral trade between India and ASEAN reached $121 billion.

The sixth ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee and associated meetings recently took a crucial step toward further enhancing this trade partnership.

These discussions, focused on reviewing the AITIGA, took place from 15-22 November in New Delhi, bringing together leaders and delegates from all 10 ASEAN countries: Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.

The event arranged bilateral meetings with teams from Thailand and Indonesia to address specific trade concerns.

Additionally, chief negotiators from India and ASEAN held a separate session to align on key issues and chart the path forward for future cooperation.

According to a ministry statement, “The review of AITIGA will be a step forward in enhancing trade with the ASEAN region in a sustainable manner. The next meeting of the AITIGA Joint Committee is scheduled in February 2025 in Jakarta, Indonesia.”

The AITIGA Joint Committee oversees eight sub-committees that handle various trade-related aspects, including market access, rules of origin, sanitary and phytosanitary (SPS) measures, standards and technical regulations, customs procedures, economic and technical cooperation, trade remedies, and legal frameworks.

SPS measures, in particular, play a crucial role in safeguarding public health by preventing the spread of pests, diseases, and harmful contaminants in food and feed.

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