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Last Updated : Sep 10, 2019 04:46 PM IST | Source: Moneycontrol.com

India, ASEAN nations agree to review free trade agreement

Commerce Minister Piyush Goyal met the economic ministers of the ASEAN countries in Bangkok on September 9 for the 16th AEM-India consultations.

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India and the South-East Asian nations have agreed to review their free trade agreement to make it more user-friendly for businesses and boost economic ties.

The 10-member bloc of countries and India have also agreed to form a joint committee for this purpose, according to a statement.

Commerce Minister Piyush Goyal met the economic ministers of the ASEAN countries in Bangkok for the 16th AEM-India consultations.

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"The ministers agreed to initiate the review of the ASEAN-India trade in goods agreement to make it more user-friendly, simple, and trade facilitative for businesses," a joint media statement said.

The ministers have asked officials to work on the details of the review of the agreement and submit an update in the next ministerial meet.

The India-ASEAN trade in goods pact came into force from January 2010.

Under the pact, two trading partners set timelines for eliminating duties on the maximum number of goods traded between the two regions.

The 10 ASEAN members are Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam.

The bilateral trade between the two sides has increased to $80.8 billion in 2018 from  $73.6 billion in 2017.

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First Published on Sep 10, 2019 04:46 pm
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