India ASEAN to review FTA

India & ASEAN have agreed to constitute a joint committee to review their free trade agreement, signed in 2009. Under this trade in goods pact, the two trading partners set timelines for removing duties on the maximum number of goods traded between them.

This decision was taken during the 16th AEM-India consultations held in Bangkok between economic ministers of ASEAN and Commerce Minister Piyush Goyal. “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. Discussions also revolved around cooperation in areas like financial technology, connectivity, startups and innovation.