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17TH ASEAN-India Economic Ministers’ Consultations held Virtually ; Co-Chaired by Union Minister 

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17TH ASEAN-India Economic MinistersOn August 29, 2020, the 17th Association of Southeast Asian Nations (ASEAN)-India Economic Ministers Consultations was held virtually which was co-chaired by Minister of Commerce and Industry & Railways Piyush Vedprakash Goyal and Minister of Industry and Trade of Vietnam Tran Tuan Anh. The focus of the meet was to discuss the reviewing of ASEAN India Trade in Goods Agreement (AITIGA), which has been recommended by ASEAN India Business Council (AIBC) Report, submitted during the meet.

  • The meet was attended by Trade Ministers of all the 10 ASEAN countries—Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

What is AITIGA?

Signed on August 13, 2009 and came into force on January 1, 2010, AITIGA is a free trade agreement (FTA) between the ASEAN members and India according to which partners have set a timeline to eliminate duties on goods as much as possible. 

Key Points:

-Indian side has asked ASEAN to strengthen the “rules of origin” provisions in FTA. It is one of -India’s key concerns, because the nation’s markets are being flooded by Chinese goods through some ASEAN countries.

-The review will make the agreement modern with contemporary trade facilitative practices, and streamlined customs and regulatory procedures. It will make it more user-friendly for businesses.

Recent Related News:

The 3rd India-Association of Southeast Asian Nations (ASEAN) youth dialogue 2020 was held virtually on June 8-10, 2020 focusing on coronavirus pandemic. The meet has regarded the youth as “vehicles of change” who are playing a pivotal role by leading the fight against the pandemic.

About Association of Southeast Asian Nations (ASEAN):
2020 Chairmanship– Vietnam
Chairman– Nguyen Xuan Phuc
Secretariat – Jakarta, Indonesia