“The next meeting of the AITIGA Joint Committee is scheduled in February 2025 in Jakarta, Indonesia,” it said, adding that the review of the AITIGA will be a step forward in enhancing trade with the ASEAN region in a sustainable manner.
Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam are ASEAN members.
The AITIGA was signed in 2009 and New Delhi has been asking for a review of the agreement to eliminate barriers and misuse of the trade pact.
Asean has around 11% share in India’s global trade. India-Asean bilateral trade in FY24 was $121 billion and reached $73 billion during April-October this year with a 5.2% growth.
Europe trade
In a separate statement, the ministry said that commerce secretary Sunil Barthwal traveled to Norway this week to discuss a potential fast-tracked implementation of a free trade deal between India and the European Free Trade Association (EFTA) and unlock extensive trade opportunities for Indian businesses. EFTA comprises Iceland, Liechtenstein, Norway, and Switzerland.Called the Trade and Economic Partnership Agreement (TEPA), the pact act was inked in March but its implementation date has not yet been finalised.
“The visit was aimed at furthering the objectives of and unlocking the large market in EFTA countries for Indian exports of goods and services and push for early implementation of $100 billion investment,” the ministry said.
Barthwal met Tomas Norvoll, State Secretary of the Ministry of Trade, Industry and Fisheries of Norway for discussions on promoting trade and investments, mobility for Indian professionals, re-energising existing institutional mechanisms and the next steps for the TEPA ratification.