New Delhi: ASEAN remains a pivotal trade partner for India, accounting for approximately 11 per cent of India’s global trade, the government has said.
In the fiscal year 2023-24, bilateral trade between India and ASEAN reached $121 billion, this was conveyed at the 8th meeting of the AITIGA Joint Committee (JC) to review the ASEAN-India Trade in Goods Agreement (AITIGA) in the national capital from April 7-11.
The meeting was co-chaired by Rajesh Agrawal, Additional Secretary, Department of Commerce, and Deputy Co-Chair Dr. Sugumari S. Shanmugam Senior Director Ministry of Investment, Trade and Industry, Malaysia.
The meeting saw participation from delegates representing ASEAN countries, including Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam, according to a statement by Ministry of Commerce and Industry.
The committee’s primary objective was to advance the ongoing review of the AITIGA, aiming to modernise the agreement to be more effective, user-friendly, and conducive to trade.
Five out of eight sub-committees (SCs) under the AITIGA JC also conducted hybrid meetings on the margins of the 8th AITIGA JC.
The next AITIGA JC meeting is scheduled for June 2025 in Kuala Lumpur, Malaysia, continuing the collaborative efforts to enhance ASEAN-India economic integration, said the ministry.
Recently, India and Thailand said they will work on strengthening the existing mechanisms of defence cooperation, as well as to promote further collaboration between the defence sectors of the two countries, with particular emphasis on defence technology, defence industry, research, training, exchanges, exercises and capacity building including by establishing appropriate mechanisms.
The Joint Declaration on the establishment of India-Thailand Strategic Partnership, issued following discussions between Prime Minister Narendra Modi and his Thai counterpart Paetongtarn Shinawatra, details how the Strategic Partnership is based on mutual commitment to strengthen bilateral relations for the continuing peace, stability and prosperity of the two countries and their respective regions.
The development marks a new chapter of enhanced partnership for realising the full potential of cooperation between the two countries.
“In declaring this Strategic Partnership, the two leaders reaffirmed their shared interests in a free, open, transparent, rules-based, inclusive, prosperous and resilient Indo-Pacific region and reiterated their strong support for ASEAN Centrality,” the Joint Declaration stated.
(IANS)
