New Delhi: Commerce and Industry Minister Piyush Goyal has highlighted that the Free Trade Agreement has to be mutually beneficial and a win-win for all sides. During the 17th ASEAN-India Economic Ministers Consultations on Saturday, Mr Goyal expressed the need to strengthen the Rules of Origin provisions, work towards removal of non-tariff barriers and provide better market access. He reiterated India’s consistent position that the review of the ASEAN India Trade in Goods Agreement (AITIGA) has been inordinately delayed and requested for closer engagement towards finalization of the scoping exercise, before the ASEAN-India Leaders’ Summit scheduled in November 2020 and to start the full review before the end of this year. Mr Goyal also stated that India and ASEAN shared a close friendship, strongly tied with historical, cultural and traditional bonds and this relationship will continue to grow for the prosperity of the people of India and the ASEAN countries. The meeting, which was held virtually, was co-chaired by Mr Goyal and his Vietnamese counterpart Tran Tuan Anh. The meeting was attended by the Trade Ministers of all the 10 ASEAN countries Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
The Ministers reaffirmed their commitment to take collective actions in mitigating the economic impact of the pandemic and resolved to ensure macroeconomic and financial stability and resilient supply chain connectivity, particularly the unimpeded flow of essential goods and medicines in the region, in compliance with the WTO rules.