India and the ASEAN bloc are expected to start the review of the free trade agreement in November 2023, media reports said.
In 2022-23, India’s exports to the 10-nation bloc- comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam- increased to USD 44 billion from USD 42.32 billion in 2021-22.
However, imports soared to USD 87.57 billion in 2022-23 from USD 68 billion in 2021-22
India and the ASEAN countries agreed to start the negotiations for the review of the existing FTA and conclude it by 2025, according to a joint statement issued at AEM (Asean Economic Ministers)-India Consultation meeting held at Semarang, Indonesia, in August.
The FTA was signed in 2009 and implemented in January 2010.
Citing an official, a report in the media said that India would start consultations with stakeholders before launching the review.
Participating in the 20th ASEAN-India Summit in Jakarta, Prime Minister Narendra Modi underscored the significance of completing the review of the ASEAN-India FTA (AITIGA) within a stipulated time frame.
Indian industry has been pressing for the review of the AITIGA for a long time.
The review would help in making the FTA trade facilitative and mutually beneficial, the commerce ministry has said.