Piyush Goyal Reviews India-ASEAN Trade Pact Progress in Laos

Commerce and Industry Minister Piyush Goyal is in Vientiane, Laos, to review the progress of the India-ASEAN Free Trade Agreement in goods. His two-day visit, which started on Friday, includes participation in the 21st ASEAN-India Economic Ministers (AEM-India) meeting and the 12th East Asia Summit Economic Ministers Meeting (EAS EMM).

During the AEM-India meeting, ministers will discuss the ongoing negotiations to revise the ASEAN-India Trade in Goods Agreement (AITIGA). This review is a top priority for India, aiming to simplify the agreement and make it more beneficial for businesses.

Goyal is also set to hold bilateral meetings with counterparts from several countries, including Laos, Korea, Malaysia, Switzerland, and Myanmar, during this visit.

India has been a part of ASEAN since 1992 and became its Comprehensive Strategic Partner in 2022. For the past two years, ASEAN has been India’s second-largest trading partner. The next round of discussions on the trade agreement will take place in November, following the conclusion of the third round of negotiations on August 1 in Jakarta, Indonesia.

The AITIGA, signed in 2009, plays a significant role in India’s trade, with ASEAN accounting for about 11 percent of India's global trade. In the fiscal year 2023-24, India exported goods worth USD 41.2 billion to the ASEAN bloc, while imports reached USD 80 billion. Both parties are aiming to finalize the review by 2025, addressing the long-standing demand from Indian businesses to eliminate trade barriers and prevent misuse of the agreement.

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