ASEAN-India Trade in Goods Agreement reviewed

31 Aug '20

2 min read

Pic: Shutterstock

Indian minister of commerce and industry and railways Piyush Goyal and Vietnamese minister of industry and trade Tran Tuan Anh recently reviewed the Association of South-east Asian Nations (ASEAN)-India Trade in Goods Agreement (AITIGA), while co-chairing the 17th ASEAN-India Economic Ministers Consultations held via videoconference last week.

The meeting was attended by the trade ministers of all ASEAN countries. They reaffirmed their commitment to take collective actions in mitigating the economic impact of the pandemic and resolved to ensure macroeconomic and financial stability and resilient supply chain connectivity, particularly the unimpeded flow of essential goods and medicines in the region, in compliance with World Trade Organisation (WTO) rules.

The report of the ASEAN India Business Council (AIBC) was placed before the ministers. It has recommended the AITIGA be reviewed for mutual benefit.

The ministers instructed senior officials to start the discussions to determine the scope of the review at the earliest to, inter-alia, make the free trade agreement more user-friendly, simple and trade facilitative for businesses, according to a press release from the Indian government.

The review will make the agreement modern with contemporary trade facilitative practices and streamlined customs and regulatory procedures.

Goyal reiterated India’s consistent position that the review of the AITIGA has been inordinately delayed and requested for closer engagement towards finalization of the scoping exercise, before the ASEAN-India Leaders’ Summit scheduled in November 2020 and to start the full review before the end of this year.

Fibre2Fashion News Desk (DS)

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