ASEAN-India Trade in Goods Agreement

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Overview:

The 3rd meeting of AITIGA Joint Committee for undertaking the review of ASEAN-India Trade in Goods Agreement (AITIGA) was hosted by India in Vanijya Bhawan, New Delhi from 16-19 February 2024.

About ASEAN-India Trade in Goods Agreement

  • It is a trade deal between the ten member states of ASEAN and India.
  • This agreement 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 socio cultural integration between its members and other countries in Asia.

Q1) What is Free Trade Agreement?

These are arrangements between two or more countries or trading blocs that primarily agree to reduce or eliminate customs tariff and non tariff barriers on substantial trade between them.

Source: 3rd Meeting of ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee, 16-19 February 2024