Mr. Rajesh Agrawal, Additional Secretary of the Department of Commerce within the Ministry of Commerce and Industry, had the honor of representing India at the 20th ASEAN-India Economic Ministers’ meeting on August 21, 2023. The meeting took place in Semarang, Indonesia, and was co-chaired by Mr. Agrawal and Dr. Zulkifli Hasan, the Minister of Trade from Indonesia. Participants included Economic Ministers and their delegates from all ten ASEAN nations—Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. Additionally, the Democratic Republic of Timor-Leste attended as an observer.
During the event, the ministers engaged in a comprehensive review of the bilateral trade and investment ties between India and ASEAN. They emphasized their shared dedication to strengthening and deepening the economic collaboration between the two entities. This commitment seeks to ensure that the ASEAN-India Comprehensive Strategic Partnership delivers substantial mutual benefits, particularly in the aftermath of the pandemic. Notably, India and ASEAN recorded a bilateral trade volume of US$ 131.5 billion in the fiscal year 2022-23. This bilateral trade represented 11.3% of India’s overall global trade in the same period.
Furthermore, the ministers had an opportunity to interact with the ASEAN-India Business Council (AIBC). They acknowledged the activities undertaken by AIBC throughout 2023, including the successful organization of the 5th ASEAN-India Business Summit held on March 6, 2023, in Kuala Lumpur. A notable focus was placed on the issues of Non-Tariff Barriers (NTBs) raised by businesses. The ministers recognized the increasing exchanges and interactions among stakeholders from both ASEAN and India.
The focal point of this year’s gathering revolved around the punctual evaluation of the ASEAN-India Trade in Goods Agreement (AITIGA), originally established in 2009. Prior to the Economic Ministers’ assembly, the AITIGA Joint Committee gathered to discuss the strategy for the review procedure. This panel concluded by formalizing the Terms of Reference and the Work Plan governing the AITIGA Review Negotiations. Following constructive deliberations, the ministers endorsed these review documents. Consequently, this endorsement sets the stage for the formal commencement of negotiations based on defined modalities.
