• India hosted the 8th meeting of the joint committee to review the ASEAN-India Trade in Goods Agreement (AITIGA) in New Delhi from April 7 to 11.

• The meeting saw participation from delegates representing ASEAN (Association of Southeast Asian Nations) countries — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.

• The committee’s primary objective was to advance the ongoing review of the AITIGA, aiming to modernise the agreement to be more effective, user-friendly, and conducive to trade.

• ASEAN remains a pivotal trade partner for India, accounting for about 11 per cent of India’s global trade.

• In 2023-24, bilateral trade stood at $121 billion.

• The next AITIGA joint committee meeting is scheduled for June in Kuala Lumpur, Malaysia.

What is ASEAN?

• The Association of Southeast Asian Nations (ASEAN) was established on August 8, 1967 in Bangkok by five countries —  Indonesia, Malaysia, Philippines, Singapore, and Thailand.

• There are currently 10 member states: Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Laos, Myanmar, Cambodia and Vietnam.

• In November 2022, ASEAN announced that it has agreed in principle to admit East Timor, also known as Timor-Leste, as the group’s 11th member. The half-island nation is granted observer status at high-level ASEAN meetings.

• The ASEAN Summit is the highest policy-making body in ASEAN comprising the heads of State or government of ASEAN member states. As per regular practice, the ASEAN Summit Meetings shall be held twice annually. The first ASEAN Summit was held in Bali, Indonesia on February 23-24, 1976.

• ASEAN is considered one of the most influential groupings in the region. India and several other countries, including the US, China, Japan and Australia, are its dialogue partners.

ASEAN-India Trade in Goods Agreement

• The ASEAN-India Trade in Goods Agreement (AITIGA) is a trade deal between ASEAN and India.

• The Framework Agreement on Comprehensive Economic Cooperation between ASEAN and India was signed in October 2003 and served as legal basis to conclude further agreements, including Trade in Goods Agreement, Trade in Services Agreement, and Investment Agreement that form the ASEAN-India Free Trade Area (AIFTA).

• The ASEAN-India Trade in Goods Agreement entered into force on January 1, 2010.

• Under the Agreement, ASEAN Member States and India have agreed to open their respective markets by progressively reducing and eliminating duties on 76.4 per cent coverage of goods. 

• India is asking for a review of the agreement with an aim to eliminate barriers and misuse of the trade pact.

• Both sides are aiming to conclude the review in 2025.

• India and ASEAN registered a bilateral trade of $122.67 billion in 2023-24.

• ASEAN is one of the major trade partners of the country, with a share of 11 per cent in India’s global trade.

• Exports to ASEAN countries grew from $37.47 billion in FY2019 to $41.21 billion in FY2024, a 9.96 per cent increase. On the other hand, imports from the bloc saw a more significant rise of 34.30 per cent from $59.32 billion to $79.67 billion.

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