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19th ASEAN India Economic Ministers Meeting 2022

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19th ASEAN India Economic Ministers Meeting 2022

Recently the committee constituted by the India- Association of Southeast Asian Nations (ASEAN) will review the free trade agreement.

Recently the 19th ASEAN-India Economic Affairs Ministers Meeting 2022 was held in Cambodia.

The meeting supported the review of the ASEAN-India Commodities Trade Agreement (AITIGA).

19th ASEAN India Economic Ministers Meeting 2022

The review will focus on the following aspects-

  • How to make it more industry friendly.
  • How to be as modern as contemporary business facilitation systems,
  • How to streamline tariff and regulatory processes.
  • How to enable us to deal with current global and regional challenges, including supply chain bottlenecks.

Concerns related to India-ASEAN trade-

Growing Trade Deficit: Imports from there to India have increased faster than exports to ASEAN countries.

  • Restrictive constraints exist on India’s exports to the ASEAN region. These constraints exist particularly in agriculture (sanitary and phytosanitary measures), and the auto sector (technical barriers to trade).
  • Indian exporters face strict Rules of Origin (RoO) and compliance rules in ASEAN countries.
  • RoOs are the criteria set for determining the country of origin of a product imported into a country.
  • ASEAN and India signed the Framework Agreement on Comprehensive Economic Cooperation in 2003. This agreement served as the legal basis for later agreements.

These agreements include:

  • Commodities Trade Agreement (2010),
  • Service Trade Agreement (2014) and
  • Investment Agreement (2014).

All the above agreements have resulted in the formation of the ASEAN-India Free Trade Area (AIFTA). Trade between India and the ASEAN region has reached $98.39 billion (2021- 2022).

Source – The Hindu

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