Piyush Goyal holds talks with Malaysian minister on review of ASEAN trade pact

New Delhi, July 10 (IANS) Commerce Minister Piyush Goyal on Thursday said he had a productive meeting with Tzafrul Aziz, Malaysian Minister of Investment, Trade and Industry, during which he discussed the ongoing review of the ASEAN-India Trade in Goods Agreement (AITIGA).

"Looking forward to fast-tracking discussions with ASEAN member states to ensure fair trade and balanced growth," Piyush Goyal said in a post on X.

"We also held discussions on the Comprehensive Economic Cooperation Agreement (CECA) between both countries," the minister further stated.

Malaysia is India's permanent coordinator from ASEAN on economic matters.

Prime Minister Narendra Modi had also met his Malaysian counterpart, Anwar bin Ibrahim, on the sidelines of the BRICS summit in Rio de Janeiro this week, and among other issues, discussed the ASEAN-India Free Trade Agreement review.

PM Modi congratulated Malaysia for its successful stewardship of ASEAN and welcomed its continued support for a strengthened ASEAN-India Comprehensive Strategic Partnership, including early and successful completion of ASEAN-India FTA review, according to an official statement.

The AITIGA is a trade pact between the ten ASEAN member states (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam) and India. It aims to reduce tariffs and non-tariff barriers to facilitate trade.

The agreement was signed in 2009 and came into force on January 1, 2010, as part of a broader Comprehensive Economic Cooperation Agreement (CECA) framework.

AITIGA focuses on trade in physical goods and does not cover trade in services, which are addressed in a separate agreement that was signed in 2014.

AITIGA has contributed to increased trade between India and ASEAN, with bilateral trade reaching $121 billion in 2023-24.

The AITIGA is a significant step towards greater economic integration between India and ASEAN, and its review is expected to further enhance trade and investment opportunities.

--IANS

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