Synopsis
The recent meeting highlighted ASEAN's significance as a trade partner for India, making up about 11% of its global trade. The AITIGA Joint Committee aims to modernize trade agreements, enhancing economic ties and cooperation between India and ASEAN countries.Key Takeaways
- ASEAN comprises 11% of India's global trade.
- Bilateral trade with ASEAN reached $121 billion.
- The next AITIGA JC meeting is in June 2025.
- Focus on modernizing trade agreements.
- India and Thailand strengthen defense cooperation.
New Delhi, April 12 (NationPress) ASEAN stands as a crucial trade ally for India, constituting roughly 11 percent of the nation's total global trade, as stated by the government.
During the fiscal year 2023-24, the bilateral commerce between India and ASEAN reached $121 billion. This information was shared at the 8th assembly of the AITIGA Joint Committee (JC) aimed at reviewing the ASEAN-India Trade in Goods Agreement (AITIGA), which took place in the national capital from April 7-11.
The meeting was co-chaired by Rajesh Agrawal, Additional Secretary of the Department of Commerce, and Deputy Co-Chair Dr. Sugumari S. Shanmugam, Senior Director at the Ministry of Investment, Trade and Industry, Malaysia.
Delegates from various ASEAN countries attended, including Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam, as reported by the Ministry of Commerce and Industry.
The primary goal of the committee was to enhance the ongoing evaluation of the AITIGA, with the aim of modernizing the agreement to make it more efficient, user-friendly, and favorable for trade.
During the meeting, five out of eight sub-committees (SCs) under the AITIGA JC held hybrid sessions.
The subsequent AITIGA JC meeting is scheduled for June 2025 in Kuala Lumpur, Malaysia, continuing collaborative efforts to strengthen ASEAN-India economic integration, as stated by the ministry.
Recently, India and Thailand announced plans to bolster the existing frameworks of defense cooperation and promote further collaboration in the defense sectors, particularly focusing on defense technology, industry, research, training, exchanges, exercises, and capacity building through appropriate mechanisms.
The Joint Declaration establishing the India-Thailand Strategic Partnership, issued after discussions between Prime Minister Narendra Modi and Thai counterpart Paetongtarn Shinawatra, outlines the partnership based on a mutual commitment to enhance bilateral relations for the ongoing peace, stability, and prosperity of both nations and their regions.
This development signifies a new phase of strengthened partnership aimed at realizing the complete potential of cooperation between India and Thailand.
In declaring this Strategic Partnership, the two leaders reaffirmed their shared interests in a free, open, transparent, rules-based, inclusive, prosperous, and resilient Indo-Pacific region and reiterated their strong support for ASEAN Centrality, as stated in the Joint Declaration.
