• India-ASEAN trade has grown by 5.2%, reaching $73 billion in the April-October period of this fiscal year.
• The sixth ASEAN-India Trade in Goods Agreement (AITIGA) joint committee meetings were held in New Delhi, discussing the review of the AITIGA.
• The review of AITIGA is seen as a significant step in enhancing sustainable trade with the ASEAN region.
• The future of India-ASEAN economic relations looks promising, with the next AITIGA Joint Committee meeting scheduled for February 2025 in Jakarta, Indonesia.

India's economic ties with the Association of Southeast Asian Nations (ASEAN) have seen a significant boost, with bilateral trade witnessing a 5.2% growth to reach $73 billion during the April-October period of this fiscal year.

This information was released by the Indian government, highlighting the strengthening relationship between India and the ASEAN countries. ASEAN, a group comprising ten Southeast Asian countries, is one of India's major trade partners, accounting for about 11% of India's global trade.

ASEAN-India Trade in Goods Agreement (AITIGA) Review

The bilateral trade between India and ASEAN in the fiscal year 2023-24 stood at a robust $121 billion, as per the data from the Ministry of Commerce and Industry. The sixth ASEAN-India Trade in Goods Agreement (AITIGA) joint committee and related meetings were held from November 15-22 in India's capital, New Delhi.

These meetings were crucial for discussions on the review of the AITIGA. The leaders and delegates from all ten ASEAN countries, including Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam, participated in these meetings.

The presence of ASEAN delegates in New Delhi was utilized to convene bilateral meetings with Thailand and Indonesian teams. These meetings were held on the sidelines to discuss bilateral trade issues. The chief negotiators from India and ASEAN also had a separate meeting to develop a mutual understanding of the issues under discussion and to chart the way forward.

Future of India-ASEAN Economic Relations

The review of AITIGA is seen as a significant step forward in enhancing trade with the ASEAN region in a sustainable manner. The next meeting of the AITIGA Joint Committee is scheduled for February 2025 in Jakarta, Indonesia, as per a statement from the ministry.

The AITIGA joint committee comprises eight sub-committees that negotiate aspects related to market access, rules of origin, sanitary and phytosanitary (SPS) measures, standards and technical regulations, customs procedures, economic and technical cooperation, trade remedies, and legal and institutional provisions.

SPS measures are biosecurity measures designed to protect human, animal, or plant life or health from the introduction, establishment, and spread of pests and diseases, additives, toxins, and contaminants in food and feed.

The strengthening of India-ASEAN ties is not a recent phenomenon. Historically, India has always maintained strong trade relations with Southeast Asian countries. The 'Look East' policy, initiated in the early 1990s, was a strategic shift in India's foreign policy that aimed to cultivate extensive economic and strategic relations with Southeast Asian countries to bolster its standing as a regional power and a counterweight to the strategic influence of the People's Republic of China.