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ASEAN agrees to review Trade Pact with India

The Association of South East Asian Nations ASEAN has agreed to India’s long pending demand to review the free trade agreement forged about ten years ago between the two sides.

India has always contended that the agreement had not benefitted the country and the trade gap between the two sides has been increasing by the year. The trade gap during the last financial year was 22 billion US Dollars against 13 billion US Dollars during the previous year.

A joint statement issued after the meeting between the two sides said “they have agreed to more user friendly simple and trade facilitation for business”

The decision was taken at the end of economic ministers of the ten nation grouping and the commerce minister Piyush Goyal at the 16th ASEAN Economic ministers-India consultations held at Thai capital Bangkok a few days ago.

This will be the first review that will be undertaken on the ten year old pact which came into force way back in 2010.

Two sides to constitute a joint committee to conduct the review 

The two sides also agreed to constitute a joint committee to conduct the review. Mr Goyal asked the officials to work out the details of the review and submit an update on the next ministerial meeting.

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