Next round of India-Asean trade agreement review talks in Oct in Jakarta
New Delhi, Aug 15 (PTI) The next round of review talks for the India-Asean free trade agreement in goods will be held in October this year in Jakarta, an official statement said on Friday.
The tenth round of the negotiations concluded here this month (August 10-14).
The Commerce Ministry said the Joint Committee focused on advancing the ongoing review of AITIGA (Asean India trade in goods agreement) to enhance its effectiveness, accessibility, and trade facilitation capabilities.
ASEAN remains a key trade partner for India, accounting for around 11 per cent of India's global trade.
The bilateral trade reached USD 123 billion in 2024-25, reflecting the strong economic ties between the two sides and creating opportunities for enhanced cooperation in the years ahead, it said.
'The next AITIGA Joint Committee meeting is scheduled for 6-7 October 2025 at the ASEAN Secretariat in Jakarta, Indonesia, and will be hosted by Malaysia," it added.
In a separate statement, the ministry said the fourth meeting of the India-Singapore Joint Working Group on Trade and Investment (JWGTI) was held here on August 14.
Discussions focused on identifying priority sectors for greater alignment, improving logistics and supply chains, streamlining regulatory frameworks, and exploring ways to facilitate cross-border trade.
The meeting reviewed ongoing collaboration in areas like the semiconductor sector and digitalisation of trade, and explored potential partnerships in skills development and capacity building.
Singapore is India's largest trading partner within ASEAN, with total bilateral trade of USD 34.26 billion during 2024-25.
It is also India's second-largest source of foreign direct investment (FDI), with equity inflows of USD 163.85 billion (Rs 11,24,509.65 crore) between April 2000 and July 2024, accounting for about 24 per cent of India's total inflows. PTI RR BAL BAL
view comments
First Published:
August 15, 2025, 16:15 IST
Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Trade deficit rising due to oil buy, need to address it: EAM in Russia
Photo/PTI NEW DELHI: On a visit to Moscow, external affairs minister S Jaishankar has suggested measures to further expand the trade relationship and to address the trade deficit of $58.9 billion that has resulted from India's increased oil procurement from Russia. The minister said this trade imbalance needed to be addressed urgently. Ahead of Jaishankar's meeting with his counterpart Sergey Lavrov on Thursday, Russia said in a statement that the main emphasis would be on promoting transportation, logistics, banking and financial chains independent from countries imposing sanctions, as well as expanding the use of national currencies in mutual settlements. Addressing tariff and non-tariff trade barriers, removing bottlenecks in logistics, promoting connectivity, effecting payment mechanisms smoothly and early conclusion of the India-Eurasian Economic Union FTA, whose terms of reference were finalised on Wednesday, were some of the measures he suggested to diversify trade relations and address the imbalance. "They will not only help to address the imbalance and grow our trade, but also hasten the timely achievement of our revised trade target of $100 billion by 2030," said Jaishankar, co-chairing the India-Russia Inter-Governmental Commission for Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) with Russia's first deputy PM Denis Manturov. Jaishankar called for promoting connectivity through the International North-South Transport Corridor, the Northern Sea Route and the Chennai-Vladivostok Corridor, and also sought timely finalisation and execution of the Programme of Economic Cooperation till 2030. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo On Thursday, Jaishankar will hold talks with Lavrov during which both sides will discuss regional and global issues, including developments related to the Russia-Ukraine war. Lavrov is expected to brief him about the Russia-US summit in Alaska. Ahead of the meeting, the Russian foreign ministry said that the foundation of the Russian-Indian special privileged strategic partnership was mutual trust and respect. "It is planned to touch upon the issues of enhancing cooperation in the transport, energy, agricultural and scientific-technical spheres," said the Russian statement.
Economic Times
an hour ago
- Economic Times
EAM S Jaishankar, Russian Dy PM Denis Manturov push LNG, trade links
Synopsis S Jaishankar and Denis Manturov co-chaired a meeting to strengthen India-Russia ties. Discussions focused on trade, investment, and energy cooperation. Russia aims to export LNG to India and expand nuclear energy collaboration. Both nations are exploring a rupee-rouble mechanism. Jaishankar will meet Sergey Lavrov to discuss transport, banking, and financial links. New Delhi: External affairs minister S Jaishankar and Russia's first deputy prime minister Denis Manturov on Wednesday co-chaired the 26th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) with the aim of boosting trade, investment, and energy partnership including LNG exports by Russia and the rupee-rouble mechanism. The issue of US tariffs and its fallout on India, and global trade dynamics are also understood to have been discussed. Talks are ongoing for expansion of the Rupee-Ruble mechanism. Russia sees potential to export liquefied natural gas (LNG) to India, news agency RIA quoted Manturov as saying. He also said, according to RIA, that Moscow was counting on expanding nuclear energy cooperation with New Delhi. Rosatom so far remains the only foreign partner to build a nuclear power plant in India, and it is currently engaged in setting up small modular Thursday, Jaishankar will meet his Russian counterpart Sergey Lavrov. Ahead of the meeting, Russia's foreign ministry said the meeting's agenda will focus on facilitating the emergence of transport, logistics, banking and financial links and chains "that would be immune to any adverse pressures from unfriendly countries, while also increasing the use of national currencies in their mutual settlements".Expanding cooperation in transport, energy, agriculture, science and technology will also be on the meeting's agenda, according to the Russian foreign ministry. The two foreign ministers will also coordinate their positions on the latest international developments, paying special attention to interactions within the United Nations, BRICS, the SCO, and the Group of Twenty. This will be Jaishankar's third meeting with Lavrov since to expand bilateral industrial cooperation, the two sides are also exploring joint projects in strategic sectors, including civil aircraft manufacturing, metallurgy, and the chemical and Russia are also exploring collaboration for a modernised wind tunnel facility, production of small aircraft piston engines, and joint development in carbon fibre technology, additive manufacturing, and 3D printing, rare earth and critical minerals extraction, underground coal gasification, and creation of modern industrial infrastructure.
Time of India
an hour ago
- Time of India
Indian goods facing US tariffs welcome in Russia: Senior diplomat Roman Babushkin
New Delhi: Russia wants to increase bilateral trade with India and is willing to purchase more goods if those are diverted due to US tariff policies. Russia continues to be India's biggest source of crude. Addressing a select media gathering here on Wednesday in the backdrop of the US tariffs, Alaska Summit and the external affairs minister's Moscow visit, Roman Babushkin, Charge d'Affairs of the Russian Embassy in India , said US' pressure on India over the latter's procurement of Russian crude oil was "unjustified" and "unilateral". "We don't expect that to happen (India to stop buying oil from Russia). We know about the challenging circumstances for India. This is the true strategic partnership we are enjoying. Whatever happens, even during challenges, we are committed to removing any problems," he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like New Container Houses Indonesia (Prices May Surprise You) Container House | Search ads Search Now Undo The discounts provided on Russian oil is attractive and Indian imports of Russian crude are being maintained at the same levels. "If Indian goods are facing difficulties entering the US market, the Russian market will welcome Indian exports," he said, adding, "The sanctions are hitting those who are imposing them. It is a challenging situation for India but we have trust in our ties. We are confident that India-Russia energy cooperation will continue notwithstanding the external pressure". Live Events "If the West criticises you, it means you are doing everything right," the Russian diplomat asserted.
