Business

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.

Also Read: Indian Gaming Industry Soars As Homegrown AAA Games Gain Global Recognition

Mankrit Kaur

Recent Posts

PM Modi Meets Bhutan PM Tobgay At BIMSTEC Summit; Highlights Strong Bilateral Ties & Regional Cooperation

PM Narendra Modi met Bhutanese PM Tshering Tobgay on the sidelines of the 6th BIMSTEC…

4 hours ago

Jamia Students Back Waqf Amendment Bill; Call It A Step Toward Empowerment

The student group 'Shaher-E-Arzoo' expressed firm support for the Waqf Amendment Bill, calling it a…

6 hours ago

India’s Exports To The US Face Limited Impact From Tariff Hike: SBI Report

The 27% tariff hike by US President Donald Trump on Indian goods will have only…

6 hours ago

Waqf Freed From Mafia Control, New Era Of Development Begins For Muslims: MRM

Following the passage of the Waqf Amendment Bill 2024 in both Houses of Parliament, celebrations…

7 hours ago

India’s Forex Reserves Surge To $665.4 Billion; Rupee Strengthens As Trade Deficit Narrows

India’s forex reserves jumped $6.6 billion to a five-month high of $665.4 billion for the…

8 hours ago

Laxmi Singh Leads Gautam Buddha Nagar Police To Historic No 1 Rank In IGRS Across All Stations

Gautam Buddha Nagar Police, led by CP Laxmi Singh, achieved a historic feat with all…

9 hours ago