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Business News/ News / India/  Next round of talks for India-ATIGA FTA to start in Jakarta on 29 July
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Next round of talks for India-ATIGA FTA to start in Jakarta on 29 July

A delegation from South-east Asian nations, including high-ranking officials, will meet from 29 to 31 July in Jakarta, Indonesia.

The review will focus on the Asean Trade in Goods Agreement (ATIGA), which has been in place for over a decade, and will include more goods and services under non-tariff barriers,Premium
The review will focus on the Asean Trade in Goods Agreement (ATIGA), which has been in place for over a decade, and will include more goods and services under non-tariff barriers,

New Delhi: The next round of talks for a free trade agreement (FTA) with the 10-nation bloc of Southeast Asian nations—Asean—is scheduled to be held in July to review the existing deal with India, a senior government official said on Sunday.

A delegation from Southeast Asian nations, including high-ranking officials, will meet on 29-31 July in Jakarta, Indonesia, the official said, asking not to be named.

Focus on goods trade

The review will focus on the Asean Trade in Goods Agreement (ATIGA), which has been in place for over a decade, and will include more goods and services under non-tariff barriers, the official said.

Also read |  Jakarta all set for ASEAN-India, East Asia summits, PM Modi to depart for Indonesia today | Watch video

Signed in 2009, the ATIGA came into effect in 2010. The decision to review it came at the 16th Asean-India Economic Ministers Meeting in September 2019, following multiple requests from member nations.

The review's scope was finalized in September 2022 and the discussions for review started in May 2023 to make it more trade-facilitative and beneficial for businesses across the region.

Ongoing talks

The last round of the three-day negotiations concluded on 9 May in Putrajaya, Malaysia.

A joint committee, which is undertaking the review, has so far met four times.

Also read |  UN calls on ASEAN states to leverage Myanmar military to protect human rights

It finalized its terms of reference and the negotiating structure for the review in its first two meetings and initiated talks for the review from its third meeting, which was held on February 18-19 in New Delhi.

"The fourth Joint Committee meeting for the review of ATIGA was held in Putrajaya, Malaysia from 7-9 May," it said.

Trade dip

The committee was co-chaired by Rajesh Agrawal, additional secretary in the Department of Commerce, and Mastura Ahmad Mustafa, Deputy Secretary General, Ministry of Investment, Trade and Industry, Malaysia.

India's trade with Asean recorded a 5.74% dip to $41.21 billion in FY24 from $43.72 billion in FY23.

The Asean comprises of Brunei Darussalam, Burma, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam. These countries represented about 11% of India's global trade in FY23.

Also read |  Scholz Courts Asean Nations in Bid to Cut China Dependency

India's trade with Asean has evolved from agricultural raw materials and food to manufactured goods. India imports items like palm oil, coal, and minerals from Aaean countries, while exporting transport equipment, chemicals, textiles, and other manufactured and agricultural products.

The FTA review aligns with the India's Look East policy. Experts suggest that restructuring trade and investment relations with Asean is crucial, as these economies are poised to significantly influence global trade flows. 

 

 

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Published: 12 May 2024, 06:22 PM IST
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