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India seeks to Fast-Track ASEAN trade pact review:Goyal

Union Commerce and Industry Minister Piyush Goyal on Thursday said India is committed to expediting the review of its trade agreement with the Association of Southeast Asian Nations (ASEAN), with an aim to create a more balanced and sustainable economic partnership.Speaking after a bilateral meeting with Malaysian Minister of Investment, Trade and Industry T Zafrul Aziz, Goyal highlighted India’s intent to fast-track discussions on the ongoing review of the ASEAN-India Trade in Goods Agreement (AITIGA). Malaysia is the designated permanent coordinator for India within ASEAN on economic matters.

“Had a productive meeting with TzafrulAziz, Malaysian Minister of Investment, Trade & Industry. Malaysia is India's permanent coordinator from ASEAN on economic matters,” Goyal wrote in a post on X (formerly Twitter). “Looking forward to fast-tracking discussions with ASEAN Member States to ensure fair trade and balanced growth.”
The two ministers also discussed the Comprehensive Economic Cooperation Agreement (CECA) between India and Malaysia, aiming to strengthen bilateral trade ties further.
The review of AITIGA, originally signed in 2009 and implemented in 2010, has been a long-standing demand from Indian industry, which has raised concerns about the current trade imbalances and asymmetries that favour ASEAN countries. In August 2023, both India and ASEAN agreed to undertake a complete review of the goods agreement by 2025.
Industry stakeholders in India have been seeking stronger safeguards and reforms to ensure reciprocal market access and fair competition. The goal of the ongoing review is to modernise the pact, eliminate structural disadvantages, and improve the terms of trade for both sides.The ASEAN bloc, which includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, is a key trade partner for India. Efforts to upgrade the agreement reflect India’s broader push to recalibrate trade agreements and strengthen economic resilience.

(Business Correspondent)


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