6th meeting of ASEAN-India Trade
Context
Recently, the 6th ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee and related meetings were held in New Delhi to review and enhance the trade agreement between India and ASEAN nations.
Relevance:
GS-03 (Economy)
Key Highlights
- The delegates from all 10 ASEAN countries participated, along with bilateral discussions held with Thailand and Indonesia on the sidelines.
- Eight Sub-Committees under the AITIGA Joint Committee deliberated on critical aspects like market access, rules of origin, SPS measures, customs procedures, trade remedies, and legal provisions.
- ASEAN constitutes 11% of India’s global trade, with bilateral trade in 2023–24 reaching USD 121 billion. From April to October 2024, trade grew by 5.2%, amounting to USD 73 billion.
- The next AITIGA Joint Committee meeting is scheduled for February 2025 in Jakarta, Indonesia, aiming to finalise the review for enhanced trade relations.
What is ASEAN?
- ASEAN stands for Association of Southeast Asian Nations, which is a regional organisation to promote political and social stability amid rising tensions among the Asia-Pacific’s post-colonial states.
- Their is “One Vision, One Identity, One Community.”.
- Every year, 8th August is observed as ASEAN Day.
- ASEAN Secretariat, Indonesia, Jakarta.
- Member Nations-
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Brunei
- Vietnam
- Laos
- Myanmar
- Cambodia
- As India is considered a South Asian country, it is not a part of ASEAN. However, India is a part of SAARC—South Asian Association for Regional Cooperation.
