ASEAN-India Trade in Goods Agreement

About ASEAN-India Trade in Goods Agreement:

• It is a trade deal between the ten member states of ASEAN and India.
• It was signed 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 covers trade in physical goods and products; it does not apply to trade in services.
• ASEAN and India signed a separate ASEAN-India Trade in Services Agreement in 2014.

What is ASEAN?

• It is a group of the Association of Southeast Asian Nations, which was established in 1967 with the signing of the Bangkok declaration.
• Founding members: Indonesia, Malaysia, Philippines, Singapore and Thailand.
• Presently ASEAN comprises 10 member states namely Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Laos, Myanmar, Cambodia and Vietnam.
• It promotes intergovernmental cooperation and facilitates economic, political, security, military, educational, and sociocultural integration between its members and other countries in Asia.

Q1: What is Free Trade Agreement (FTA)?

FTA is an agreement between the countries or regional blocks to reduce or eliminate trade barriers, though mutual negotiations with a view to enhancing trade.

Source: 4th Meeting of ASEAN-India Trade in Goods Agreement Joint Committee