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Hans India
4 days ago
- Business
- Hans India
ASEAN nations contribute 11 pc in India's global trade: Ministry
New Delhi: ASEAN remains a key trade partner for India, accounting for around 11 per cent of the country's global trade, the Ministry of Commerce and Industry said on Friday. Bilateral trade between India and the ten ASEAN member nations reached an impressive USD 123 billion in 2024-25, underscoring the deep economic linkages and the vast potential for future collaboration. India hosted the 10th Meeting of the ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee and related meetings at Vanijya Bhawan, New Delhi, from August 10 to 14. Delegates from all ten ASEAN countries - Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam - took part in the discussions, which focused on reviewing and modernising the AITIGA. The meeting aimed to make the agreement more effective, more accessible, and better equipped to facilitate trade in an evolving global economy. Building on the momentum from eight rounds of negotiations already completed, the Joint Committee explored ways to streamline procedures, remove bottlenecks, and align regulations. The high-level meeting, conducted in a hybrid format, brought together senior officials and trade experts from across the region. Alongside the main sessions, seven of the eight AITIGA Sub-Committees convened to dive deeper into specialised areas, including customs procedures, market access, sanitary and phytosanitary measures, rules of origin, technical standards, legal frameworks, and trade remedies. According to the Ministry, these targeted meetings allowed for intensive work on complex issues, ensuring that any updates to AITIGA will reflect both technical rigour and the shared vision of member nations. The week-long deliberations reaffirmed the strategic importance of ASEAN-India economic relations and laid the groundwork for more open, predictable, and mutually beneficial trade. The dialogue will continue when the Joint Committee meets again on October 6-7, 2025, at the ASEAN Secretariat in Jakarta, Indonesia, in a session hosted by Malaysia, the ministry said. The sessions were co-chaired by Nitin Kumar Yadav, Additional Secretary in India's Department of Commerce, and Mastura Ahmad Mustafa, Deputy Secretary General (Trade) at Malaysia's Ministry of Investment, Trade & Industry.
News18
4 days ago
- Business
- News18
India hosts 10th AITIGA review meeting in New Delhi
New Delhi [India], August 15 (ANI): India hosted the 10th Meeting of the ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee and related sessions at Vanijya Bhawan, New Delhi, from August 10 to 14, 2025, according to a Ministry of Commerce and Industry statement. The gathering brought together delegates from all ten ASEAN member states to push forward the review of the 14-year-old trade meetings, held in a hybrid format, were co-chaired by Nitin Kumar Yadav, Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India, and Mastura Ahmad Mustafa, Deputy Secretary General (Trade), Ministry of Investment, Trade & Industry, Malaysia. Representatives from Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam the heart of the discussions was the ongoing review of AITIGA, aimed at improving its effectiveness, accessibility, and trade facilitation capabilities. This review builds on the progress from eight previous rounds of of the eight sub-committees under the AITIGA joint committee also convened alongside the main meeting. These included the sub-committee on Customs Procedures and Trade Facilitation (SC-CPTF), Legal and Institutional Issues (SC-LII), National Treatment and Market Access (SC-NTMA), Sanitary and Phytosanitary (SC-SPS), Rules of Origin (SC-ROO), Standards, Technical Regulations and Conformity Assessment Procedures (SC-STRACAP), and Trade Remedies (SC-TR). Their deliberations addressed technical issues ranging from product standards to customs processes, forming the groundwork for the main committee's continues to be a major trade partner for India, accounting for roughly 11 per cent of the country's global trade. Bilateral trade between India and ASEAN stood at USD 123 billion in 2024-25, underlining the scale and potential of the next AITIGA Joint Committee meeting is set for October 6-7, 2025, at the ASEAN Secretariat in Jakarta, Indonesia, with Malaysia as host. The outcomes of the New Delhi talks will form the basis for the next phase of negotiations. (ANI)
The Star
04-06-2025
- Business
- The Star
‘Talks ongoing amid contingency steps'
PETALING JAYA: Talks with the United States on the proposed tariff increase are still in progress, while the government has begun rolling out contingency measures such as market diversification and economic reforms, according to Malaysia's chief negotiator, Mastura Ahmad Mustafa. She said the government is actively engaging US counterparts to seek a mutually acceptable outcome. 'It's difficult to say at this point whether we can conclude an agreement before the deadline,' Mastura, who is also the Investment, Trade and Industry Ministry's (Miti) deputy secretary-general (trade), told The Star. At the same time, she said, negotiations with the United States are only one part of Malaysia's broader strategy to cushion the potential impact on exporters. 'With regard to the contingency plan, as has been stated on numerous occasions, engagement with the United States is not the sole measure that the government is taking to mitigate the impact. 'The government is also looking to diversify export markets and strengthen trade partnerships under Asean, the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership), the RCEP (Regional Comprehensive Economic Partnership) and other free trade agreements. 'Additionally, it aims to implement reforms to enhance national productivity and competitiveness,' the chief negotiator stated. She added that efforts are also underway to design targeted support measures for local industry players, particularly small and medium enterprises (SMEs), to help them navigate potential disruptions and reduce over-reliance on a single market. 'These combined steps are aimed at strengthening the resilience of Malaysia's export sector and positioning the country for more sustainable, long-term growth amid an increasingly challenging global trade environment,' she said. The United States has announced a 24% tariff on most Malaysian goods, along with a range of duties affecting around 60 countries. However, the tariffs have been suspended for 90 days to allow for trade negotiations. Previously, Investment, Trade and Industry (Miti) Minister Tengku Datuk Seri Zafrul Abdul Aziz said the United States had made four key demands to Malaysia in the ongoing tariff negotiations, aimed at reaching a mutually beneficial outcome. The priorities focus on non-tariff barriers, addressing the trade deficit, safeguarding US technology and encouraging investment in American industries. Following a market revolt after his major tariff announcement on April 2, US President Donald Trump paused most import duties for 90 days and said he would hammer out bilateral deals with trade partners.
The Sun
25-05-2025
- Business
- The Sun
ASEAN senior economic officials discuss AEC Blueprint 2025 outcome, look at plan for next 5 years
KUALA LUMPUR: Progress and outcome of initiatives in the ASEAN Economic Community (AEC) Blueprint 2025 were among the main discussion points during the Preparatory Senior Economic Officials (Prep-SEOM) Meeting for the 25th ASEAN Economic Community Council (AECC). Apart from discussing the current state of Timor-Leste's accession to ASEAN today, the senior economic officials also deliberated on the AEC Strategic Plan 2026-2030 under the ASEAN Community Vision 2045, which is set to be launched and adopted by the ASEAN leaders on Monday. The meeting also discussed regional economic performance and the effects of recent shifts in global economic policies by major economies, as well as strategies to address the impact of these shifts on ASEAN. Additionally, discussions focused on opportunities to leverage growth ahead of the 25th AECC Meeting, scheduled to be held tomorrow. The AECC Meeting is anticipated to endorse several report and outcome documents for adoption at the 46th ASEAN Summit. It will also provide guidance and details on the current situation faced by the Economic Pillar. Today's meeting discussed the current regional economic performance and the implications of recent shifts in global economic policies by major economies. Deliberations focused on ASEAN's strategic responses to mitigate the impact of these shifts while identifying opportunities to leverage economic growth. Chaired by Malaysia's Investment, Trade and Industry Ministry Deputy Secretary-General (Trade) Mastura Ahmad Mustafa, the meeting was attended by ASEAN Deputy Secretary-General for the ASEAN Economic Community Satvinder Singh and Brunei's Finance and economy Ministry Permanent Secretary (Economy, Trade and Industry) Dr May Fa'ezah Ahmad Ariffin. Other representatives who attended the meeting physically included Long Kemvichet (Cambodia), Nugraheni Prasetya Hastuti (Indonesia), Seng Alune Vilaysack (Laos), Marie Sherylyn D. Aquia (Philippines) Alpana Roy (Singapore), Chotima Lemsawasdikul (Thailand), Nguyen Viet Chi (Vietnam) and Augusto Junior Trindade (Timor-Leste). The representative from Myanmar, Dr Marlar Myo Nyunt, attended the session virtually. The 46th ASEAN Summit will be held at the Kuala Lumpur Convention Centre on May 26 and 27, and two key high-level meetings will be held concurrently, namely the 2nd ASEAN-Gulf Cooperation Council (GCC) Summit and inaugural ASEAN-GCC-China Summit. The Summit will bring together leaders from ASEAN member states to discuss regional issues and chart the future direction of ASEAN cooperation. 'Inclusivity and Sustainability' is the theme for Malaysia's ASEAN Chairmanship 2025.
The Sun
25-05-2025
- Business
- The Sun
ASEAN economic officials discuss AEC Blueprint 2025 outcome
KUALA LUMPUR: Progress and outcome of initiatives in the ASEAN Economic Community (AEC) Blueprint 2025 were among the main discussion points during the Preparatory Senior Economic Officials (Prep-SEOM) Meeting for the 25th ASEAN Economic Community Council (AECC). Apart from discussing the current state of Timor-Leste's accession to ASEAN today, the senior economic officials also deliberated on the AEC Strategic Plan 2026-2030 under the ASEAN Community Vision 2045, which is set to be launched and adopted by the ASEAN leaders on Monday. The meeting also discussed regional economic performance and the effects of recent shifts in global economic policies by major economies, as well as strategies to address the impact of these shifts on ASEAN. Additionally, discussions focused on opportunities to leverage growth ahead of the 25th AECC Meeting, scheduled to be held tomorrow. The AECC Meeting is anticipated to endorse several report and outcome documents for adoption at the 46th ASEAN Summit. It will also provide guidance and details on the current situation faced by the Economic Pillar. Today's meeting discussed the current regional economic performance and the implications of recent shifts in global economic policies by major economies. Deliberations focused on ASEAN's strategic responses to mitigate the impact of these shifts while identifying opportunities to leverage economic growth. Chaired by Malaysia's Investment, Trade and Industry Ministry Deputy Secretary-General (Trade) Mastura Ahmad Mustafa, the meeting was attended by ASEAN Deputy Secretary-General for the ASEAN Economic Community Satvinder Singh and Brunei's Finance and economy Ministry Permanent Secretary (Economy, Trade and Industry) Dr May Fa'ezah Ahmad Ariffin. Other representatives who attended the meeting physically included Long Kemvichet (Cambodia), Nugraheni Prasetya Hastuti (Indonesia), Seng Alune Vilaysack (Laos), Marie Sherylyn D. Aquia (Philippines) Alpana Roy (Singapore), Chotima Lemsawasdikul (Thailand), Nguyen Viet Chi (Vietnam) and Augusto Junior Trindade (Timor-Leste). The representative from Myanmar, Dr Marlar Myo Nyunt, attended the session virtually. The 46th ASEAN Summit will be held at the Kuala Lumpur Convention Centre on May 26 and 27, and two key high-level meetings will be held concurrently, namely the 2nd ASEAN-Gulf Cooperation Council (GCC) Summit and inaugural ASEAN-GCC-China Summit. The Summit will bring together leaders from ASEAN member states to discuss regional issues and chart the future direction of ASEAN cooperation. 'Inclusivity and Sustainability' is the theme for Malaysia's ASEAN Chairmanship 2025.
