India's Bilateral Trade With ASEAN Grows 5.2% To $73 Billion In April-October

India's bilateral trade with the Association of Southeast Asian Nations (ASEAN) grew by 5.2 per cent during the April-October period of the current fiscal year, reaching a total of $73 billion, the government announced on Saturday. As a collective group, ASEAN remains one of India's key trade partners, accounting for approximately 11 per cent of India's total global trade. For the fiscal year 2023-24, the bilateral trade between India and ASEAN stood at $121 billion, according to Ministry of Commerce and Industry data.The sixth meeting of the ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee and related discussions on the AITIGA review took place from November 15 to 22 in New Delhi. Delegates and leaders from all 10 ASEAN countries—Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam—participated in the event.During the visit, ASEAN delegates engaged in bilateral meetings with teams from Thailand and Indonesia to address specific trade issues between the nations. Additionally, chief negotiators from India and ASEAN held a separate session to foster mutual understanding on the key topics under discussion and chart the way forward."The review of AITIGA will be a step forward in enhancing trade with the ASEAN region in a sustainable manner. The next meeting of the AITIGA Joint Committee is scheduled in February 2025 in Jakarta, Indonesia," according to a ministry statement.The AITIGA Joint Committee is supported by eight sub-committees, each responsible for negotiating various critical aspects of trade between ASEAN and India. These sub-committees focus on market access, rules of origin, sanitary and phytosanitary (SPS) measures, standards and technical regulations, customs procedures, economic and technical cooperation, trade remedies, and legal and institutional provisions.In particular, sanitary and phytosanitary (SPS) measures are vital biosecurity protocols aimed at protecting human, animal, and plant life or health. These measures are designed to prevent the introduction, establishment, and spreading of harmful pests, diseases, additives, toxins, and contaminants in food and feed products. Also Read: Anupam Mittal Opens Hiring For A ‘Chief Of What’ Role In Response To Zomato CEO’s No Salary Job Offer. See Viral Post