According to a statement released by the trade ministry, the two regions have agreed to conduct negotiations on a quarterly basis and to wrap up the review in 2025. The discussion took place in Semarang, Indonesia, on the fringes of the 20th Asean Economic Ministers (AEM)-India Consultation meeting.

A joint media statement issued after the meeting expressed satisfaction with the ongoing review of the Asean-India Trade in Goods Agreement (AITIGA). It also approved the AITIGA Joint Committee’s terms of reference, the review negotiations’ work plan, and the negotiation framework.

Priority areas for collaboration between the two sides include building more resilient supply chains, ensuring food and energy security, improving health outcomes, and bolstering financial security. Indonesian Trade Minister Zulkifli Hasan and India’s Department of Commerce’s Additional Secretary Rajesh Agrawal co-chaired the meeting.

According to the statement released by the ministry of commerce, the review of the AITIGA has been a long-standing desire of Indian enterprises, and its early beginning will assist make the FTA trade facilitative and mutually advantageous. As of midnight on January 1, 2010, the FTA was fully operational.

On July 27, Commerce Minister Piyush Goyal called the FTA’most ill-conceived’ and unfair to the home sector. “The ASEAN agreement is a very unfavourable trade arrangement for Indian business. In spite of the fact that India has opened its market to Japan and Korea under FTAs, he claimed, neither country had opened its markets to Indian exporters.

The total value of bilateral trade between India and ASEAN in 2022-23 was $131.5 billion. According to the joint declaration, “in 2022-23, India’s total trade with ASEAN amounted to 11.3% of India’s total trade.”

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Indian exports to ASEAN reached $44 billion in 2022-23, up from $42.32 billion the previous year. Imports from ASEAN rose to $87.57 billion in 2022-23 from $68 billion in 2021-22. That’s why the gap between India and ASEAN’s trade totals ballooned to $43.57 billion in 2022-23, up from $25.76 billion the year before.

Countries including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam are all part of the Association of Southeast Asian Nations (Asean).

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The two ministers, who convened on Thursday in Jakarta in conjunction with ASEAN (The Association of Southeast Asian Nations) events, also discussed bilateral economic issues.

The EAM posted on Twitter, “Met with Russian Foreign Minister Sergey Lavrov in Jakarta today.” In addition to bilateral economic issues, the Ukraine conflict was also discussed.

The Russian Foreign Ministry also tweeted about Jaishankar and Lavrov’s Thursday meeting.

“Foreign Minister Sergey Lavrov and External Affairs Minister of India Dr. Subrahmanyam Jaishankar hold talks on the sidelines of #ASEAN events,” the Russian Foreign Ministry tweeted.

The External Affairs Minister (EAM) conferred with ASEAN Secretary-General Kao Kim Hourn in Indonesia on Wednesday, proposing India-ASEAN dialogues in the financial, cyber, and maritime domains.

“My activities in Indonesia commenced with a meeting with ASEAN Secretary General Dr. Kao Kim Hourn. We discussed the expansion of our comprehensive strategic alliance. EAM Jaishankar suggested India-ASEAN dialogues in the financial, cyber, and maritime domains on Wednesday.

According to the EAM, the relationship with ASEAN paves the path for the Indo-Pacific Vision. “India is therefore deeply committed to the principle of ASEAN centrality,” wrote Jaishankar.

Since July 12, EAM Jaishankar has been on a six-day visit to Indonesia and Thailand, which will conclude on July 18 due to his international obligations in these two countries.

In the first phase of his visit, the EAM will travel to Indonesia on July 13-14 to attend the ASEAN Foreign Ministers’ Meetings, and then fly to Thailand for the Mekong Ganga Cooperation (MGC) Foreign Ministers’ Meeting, according to a press release issued by the Ministry of External Affairs on Tuesday.

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13-14 July, Jaishankar is in Jakarta for the ASEAN Foreign Ministers Meetings in the format of ASEAN-India, East Asia Summit, and ASEAN Regional Forum.

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