The next round of negotiations for reviewing the India-ASEAN free trade agreement in goods is expected in April, though the pace of talks is slow, an official said.
A free trade agreement in goods between India and the 10-nation bloc ASEAN (Association of Southeast Asian Nations) was signed in 2009.
The ASEAN trade deal came into force in January 2010. In August 2023, both sides announced a complete review of the existing agreement in goods by 2025.
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“The pace of talks is slow,” the official said.
ASEAN as a group is India’s one of major trade partners with about 11 per cent share in the country’s global trade.
The review of the agreement is a long-standing demand of Indian industry and India is looking forward to an upgraded pact which will address the current asymmetries in bilateral trade and will make trade more balanced and sustainable.
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India is asking for the review to eliminate barriers and misuse of the pact.
ASEAN members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
India’s exports to the 10-nation bloc ASEAN were $41.2 billion in 2023-24, while imports aggregated at $80 billion in the last fiscal. ASEAN accounts for 10.9 per cent of India’s global trade.