India and ASEAN Set for Crucial Free Trade Agreement Review

The India-ASEAN free trade agreement, established in 2009 and in effect since 2010, is under review to ensure balanced trade. Talks are scheduled for April, despite a slow pace, with hopes of addressing bilateral trade asymmetries and eliminating barriers.

The forthcoming review of the India-ASEAN free trade agreement, originally signed in 2009, is anticipated to progress in April. Despite a sluggish pace in negotiations, both parties are committed to the review, ensuring a more balanced and sustainable trade relationship.

ASEAN, which is a major trade partner for India representing about 11% of its global trade, entered into this agreement with India to promote trade inclusivity. Since its implementation in 2010, ASEAN members have contributed significantly to Indian trade, identified as a pivotal component in the bilateral relationship.

In light of recent trades, India exported USD 41.2 billion to ASEAN while importing USD 80 billion, making it crucial for Indian industries to call for reform. The call for upgrade aims to address existing trade asymmetries and eliminate barriers to further ease commerce between India and ASEAN member nations.

(With inputs from agencies.)