Source-This post on ASEAN-India Trade in Goods Agreement Joint Committee is based on the article “4th Meeting of ASEAN-India Trade in Goods Agreement Joint Committee” published in “PIB” on 13th May 2024.
Why in the News?
The 4th Joint Committee meeting to review the ASEAN-India Trade in Goods Agreement (AITIGA) took place in Putrajaya, Malaysia, from May 7th to May 9th, 2024.
About ASEAN-India Trade in Goods Agreement
1. The ASEAN-India Trade in Goods Agreement represents a trade accord between India and the ten member states of ASEAN.
2. It was signed during the 7th ASEAN Economic Ministers-India Consultations held in Bangkok, Thailand, in 2009. This agreement has been pivotal in fostering economic cooperation.
Key Features of the Agreement
1. The ASEAN-India Free Trade Agreement officially came into effect in 2010.
2. It primarily focuses on facilitating trade in physical goods and products between the participating nations.
3. Components of AIFTA:
i) Trade in Goods Agreement: It entered into force on January 1, 2010. It aims to progressively reduce and eliminate duties on 76.4% of goods traded between ASEAN member states and India.
ii) Trade in Services Agreement: It was signed in November 2014. It covers provisions related to transparency, domestic regulations, recognition, market access, national treatment, and dispute settlement.
iii) Investment Agreement: It was also signed in November 2014. It ensures fair and equitable treatment for investors, non-discriminatory treatment in expropriation or nationalization, and fair compensation.
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