Why is it in the News?

The 4th joint committee meeting for the review of AITIGA (ASEAN-India Trade in Goods Agreement) was held in Putrajaya, Malaysia recently.

About ASEAN-India Trade in Goods Agreement (AITIGA):

• The ASEAN-India Trade in Goods Agreement (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.
  • In 2019-20, trade between India and ASEAN was worth US$86 billion.
  • Though this represented a decline from US$97 billion in 2018-19 because of the COVID-19 pandemic, it was an increase from US$81.3 billion in the 2017-18 financial year.
• It covers trade in physical goods and products and it does not apply to trade in services.
• ASEAN and India signed a separate ASEAN-India Trade in Services Agreement in 2014.

About the Association of the Southeast Asian Nations (ASEAN):

• The Association of the Southeast Asian Nations (ASEAN) is a geopolitical and economic organization established to accelerate economic growth, social progress and cultural development among its ten (10) member states.
• It also aims to promote peace and stability in the region,  active collaboration and mutual assistance on matters of common interest, Southeast Asian studies, and maintain close and beneficial cooperation with other regional and international organizations.
• It was established on 8 August 1967 in Bangkok, Thailand with the signing of the ASEAN Declaration by the founding members of ASEAN, namely Indonesia, Malaysia, the Philippines, Singapore and Thailand.
• Brunei Darussalam then joined in 1984, Viet Nam in 1995, Lao PDR and Myanmar in 1997, and Cambodia in 1999, making up the current 10 Member States of ASEAN.
• The ASEAN Secretariat was set up in February 1976 and is based in Jakarta, Indonesia.