Looking to fast-track trade pact review talks with Asean: Piyush Goyal

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Commerce and Industry Minister Piyush Goyal on Thursday said discussions are underway with Asean to review the existing trade pact, and he is looking forward to fast-track the negotiations.

The issue figured during the meeting between Goyal and his Malaysian counterpart T Zafrul Aziz.

"Had a productive meeting with @Tzafrul_Aziz, Malaysian Minister of Investment, Trade & Industry. Malaysia is India's permanent coordinator from Asean on economic matters," Goyal said in a post on X.

The ministers discussed the ongoing review of Asean India Trade of Goods Agreement (AITIGA) and addressing its challenges therein. 

"Looking forward to fast-tracking discussions with Asean Member States to ensure fair trade and balanced growth," he said adding, "We also discussed furthering discussions on the Comprehensive Economic Cooperation Agreement (CECA) between both the countries".

The remarks assume significance as the review talks are progressing slow.

The review of the agreement is a long-standing demand of Indian industry, and India is looking forward to an upgraded pact, which will address the current asymmetries in bilateral trade and will make trade more balanced and sustainable.

Asean members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

A free trade agreement in goods between India and the 10-nation bloc Asean (Association of Southeast Asian Nations) was signed in 2009.

The Asean trade deal came into force in January 2010. In August 2023, both sides announced a complete review of the existing agreement on goods by 2025.