Politics · India Bureau
India, Thailand push to modernise ASEAN trade agreement framework
India and Thailand have intensified discussions on streamlining the ASEAN-India Trade in Goods Agreement, with both nations emphasising the need for deeper bilateral economic engagement through a formal joint trade committee.
LSN India ·
Commerce and Industry Minister Piyush Goyal held talks with Thailand's Deputy Prime Minister and Commerce Minister Suphajee Suthumpun on Wednesday to review progress on the ongoing ASEAN free trade pact revision.
Both sides exchanged views on the ASEAN-India Trade in Goods Agreement (AITIGA) and stressed the importance of accelerated bilateral engagement through the India-Thailand Joint Trade Committee (JTC) on a defined timeline, according to a statement from India's Commerce and Industry Ministry.
The agreement review remains a key focus for New Delhi, which seeks to make the pact more business-friendly and efficient for traders and investors. First concluded in 2009, the AITIGA now faces modernisation to reflect current trade dynamics and remove existing barriers.
Thailand chairs ASEAN's ten-member bloc, which also includes Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, and Vietnam. The grouping represents a significant trade partner for India, with the region serving as a crucial market for Indian exporters and a source of strategic investment opportunities.