India, ASEAN nations agree to review free trade agreement

India and ASEAN countries have agreed to review the free trade agreement to make it more user friendly, simple and facilitative.

The review will make the ASEAN India trade in Goods Agreement (AITIGA) modern with contemporary trade facilitative practices, and streamlined customs and regulatory procedures.

Union Commerce and Industry Minister Piyush Goyal while co-chairing the 17th ASEAN-India Economic Ministers Consultations said the Free Trade Agreement has to be mutually beneficial and a win-win for all sides.

He expressed the need to strengthen the Rules of Origin provisions, removal of non-tariff barriers and better market access in the region.

Goyal asserted that India and ASEAN shared close friendship and strong ties along with historical, cultural and traditional bonds. He affirmed that the relationship will continue to grow for the prosperity of the people of India and the ASEAN countries.

The meeting was attended by the Trade Ministers of all the 10 ASEAN countries who reaffirmed their commitment to take collective actions in mitigating the economic impact of the global pandemic.