Revamping Trade Ties: India and ASEAN's Pursuit of a Balanced Pact
India and the 10-nation ASEAN bloc negotiate in Jakarta to advance the review of their trade agreement. Although progress has been made, a conclusion is not expected by the 22nd ASEAN-India Summit. The review, driven by industry demand, aims to balance and update trade terms.
- Country:
- India
Trade officials from India and the ASEAN bloc are gearing up for critical talks in Jakarta this week, focusing on revamping their longstanding trade agreement.
Despite noticeable progress in recent months, the much-anticipated review isn't expected to be finalized ahead of the 22nd ASEAN-India Summit in Kuala Lumpur on October 27. This development follows extensive rounds of negotiations that began earlier this year.
Aimed at addressing trade imbalances and industry concerns, the joint review process involves multiple sub-committees dedicated to areas like customs, trade facilitation, and legal issues. Originally signed in 2009, the trade pact remains a cornerstone of India's economic relationship with ASEAN, now one of its major trade partners.
(With inputs from agencies.)
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- ASEAN
- India
- trade agreement
- Jakarta
- revision
- negotiation
- economy
- customs
- sub-committees
- Kuala Lumpur
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