What is the News ?

 India participated in the 20th ASEAN-India Economic Ministers’ Meeting.

Facts About:

• The 20th ASEAN-India Economic Ministers’ meeting was held in Semarang, Indonesia.
• The Economic Ministers or their representatives from all the 10  ASEAN countries viz. Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam participated in the meeting. 
• The Democratic Republic of Timor-Leste also joined the Meeting as an observer.
• The Ministers reviewed the bilateral trade and investment relations between India and ASEAN and underscored their commitment to strengthen and enhance the economic partnership between India and ASEAN to ensure that the ASEAN-India Comprehensive Strategic Partnership delivers meaningful benefits for both sides, particularly in the post-pandemic era. 
• The Ministers also interacted with the ASEAN-India Business Council (AIBC).
• The main agenda of this year’s meeting was the timely review of the ASEAN-India Trade in Goods Agreement (AITIGA) which was signed in 2009.
• India and ASEAN registered a bilateral trade of USD 131.5 billion in 2022-23. The trade with ASEAN accounted for 11.3% of India’s global trade in 2022-23.

ASEAN-India Trade in Goods Agreement (AITIGA):

• AITIGA is a trade deal between the ten member states of ASEAN and India.
• ASEAN and India signed the Agreement at the 7th ASEAN Economic Ministers-India Consultations in Bangkok, Thailand in 2009. The Agreement, which came into effect in 2010, is sometimes referred to as the ASEAN-India Free Trade Agreement.
• The Agreement has led to steadily increasing trade between ASEAN and India since its signing.
• The Agreement originated out of the Framework Agreement on Comprehensive Economic Cooperation between India and ASEAN created in 2003. 
• It covers trade in physical goods and products and not services trade.

                       ASEAN and India signed a separate ASEAN-India Trade in Services Agreement in 2014. 

                       Along with the ASEAN-India Investment Agreement, the three agreements collectively form the ASEAN-India Free Trade Area.

• Under the Agreement, ASEAN and India have committed to progressively eliminating duties on 76.4 percent of goods and to liberalize tariffs on over 90 percent of goods.

Source: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1950902#:~:text=Shri%20Rajesh%20Agrawal%2C%20Additional%20Secretary,%2C%20Minister%20of%20Trade%2C%20Indonesia.