KUALA LUMPUR: The ASEAN-India Trade in Goods Agreement has achieved significant progress with ASEAN committed to concluding the agreement by the end of this year.
Prime Minister Datuk Seri Anwar Ibrahim stated that ASEAN leaders are pleased to continue their discussions and cooperation with India as both sides advance the ASEAN-India Plan of Action for 2026-2030.
He confirmed the collective goal to finalise AITIGA within the current year during his opening remarks at the 22nd ASEAN-India Summit.
The AITIGA was originally signed in 2009 and has been undergoing review since 2023.
This agreement aims to establish free flow of goods between ASEAN nations and India through reduced trade barriers and enhanced economic integration.
It promises lower business costs, increased trade volumes, expanded market access, and economies of scale for businesses across the region.
Anwar emphasised that ASEAN-India dialogue relations continue to serve as a force for stability and mutual prosperity.
He noted that India’s economic advancements across various sectors will benefit both the regional bloc and the country itself.
Malaysia maintains a special relationship with India strengthened by its substantial ethnic Indian community and robust trade and investment connections.
Educational ties through university partnerships further reinforce the bilateral relationship between the two nations.
Indian Prime Minister Narendra Modi participated virtually in the 22nd ASEAN-India Summit.
The summit occurred alongside the 47th ASEAN Summit and Related Summits hosted by Malaysia from October 26 to 28.
These meetings took place at the Kuala Lumpur Convention Centre with Philippine President Ferdinand Marcos Jr serving as the country coordinator for ASEAN-India dialogue relations.
India became ASEAN’s dialogue partner in 1996 with bilateral trade growing significantly over the years.
Trade between ASEAN and India reached 106.83 billion US dollars in 2024 compared to 100.72 billion US dollars in 2023.
Foreign direct investment from India to ASEAN declined by 34.97 percent to 3.31 billion US dollars in 2024 from 5.09 billion US dollars in the previous year. – Bernama
