AITIGA (ASEAN-India Trade in Goods Agreement) was held in
Putrajaya, Malaysia from
7-9 May 2024.
The delegates from India and all 10 ASEAN countries participated in the discussions.
PURPOSE
The discussions for review of AITIGA,
to make it more trade-facilitative and
beneficial for businesses across the region, started in May 2023. Other areas which will be addressed:
- Modernise the pact
- The trade deficit for India is high. (Trade deficit in 2009: 7.5 billion USD; Trade deficit in FY 23: 43.57 billion USD)
- To incorporate rules of origin
The Joint Committee undertaking the review work
has met four times so far.
ABOUT INDIA ASEAN TRADE
ASEAN is one of the major trade partners of India with a
share of 11% in India’s global trade.
The bilateral trade stood at
USD 122.67 Bn during 2023-24.
The upgradation of AITIGA will further boost bilateral trade. Both sides would next meet for the 5th Joint Committee meeting from 29-31 July 2024 in Jakarta, Indonesia.
ABOUT ASEAN
FORMED IN: 1967 (by Thailand, Singapore, Philippines, Malaysia, and Indonesia.)
AIM: promoting the socio-economic growth, political stability of individual countries, and regional stability among its members.
HQ: Jakarta
DIALOGUE PARTNERS: China, India, Australia, NZ, Japan, S.Korea, Russia & USA.
Test your understanding
Questions from this article
Prelims practiceWith reference to Asean India Trade In Goods Agreement, consider the following statements:
- AITIGA (ASEAN-India Trade in Goods Agreement) was held in Putrajaya, Malaysia from 7-9 May 2024.
- The delegates from India and all 10 ASEAN countries participated in the discussions.
- PURPOSE The discussions for review of AITIGA, to make it more trade-facilitative and beneficial for businesses across the region, started in May 2023.
Which of the statements given above are correct?
- 1 and 2 only
- 2 and 3 only
- 1 and 3 only
- 1, 2 and 3
View answer
Answer: (d) 1, 2 and 3. All three statements are drawn from the article.
Mains practiceDiscuss the background, key issues and significance of Asean India Trade In Goods Agreement for India.
Answer in 250 words.
View answer approach
- ABOUT ASEAN
- Background and context
- Key facts and institutional framework
- Significance and way forward
Frequently asked questionsFrequently asked questions
Why is Asean India Trade In Goods Agreement in the news?
AITIGA (ASEAN-India Trade in Goods Agreement) was held in Putrajaya, Malaysia from 7-9 May 2024. The delegates from India and all 10 ASEAN countries participated in the discussions.
What are the key facts about Asean India Trade In Goods Agreement?
PURPOSE The discussions for review of AITIGA, to make it more trade-facilitative and beneficial for businesses across the region, started in May 2023. Other areas which will be addressed: Modernise the pact The trade deficit for India is high. (Trade deficit in 2009: 7.5 billion USD; Trade deficit in FY 23: 43.57 billion USD) To incorporate rules of origin The Joint Committee undertaking the review work has met four times so far.
Why is Asean India Trade In Goods Agreement important for UPSC preparation?
The topic connects current developments with Economy, International Relations, Polity & Governance and is relevant for both objective revision and analytical answer writing.