Next round of India-Asean goods pact review in Oct

New Delhi: The next round of review talks for the Asean-India Trade in Goods Agreement (AITIGA) will be held on October 6 and 7 in Jakarta, the government said Friday. The 10th round of the negotiations were held in New Delhi from August 10 to 14.The commerce and industry ministry said the joint committee focused on advancing the ongoing review of the pact to enhance its effectiveness, accessibility and trade facilitation capabilities."The discussions built on the progress achieved through eight active rounds of negotiations," it said, adding that delegates from all 10 Asean member states participated.Asean, or the Association of Southeast Asian Nations, comprises Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam."Bilateral trade reached $123 billion in FY25, reflecting the strong economic ties between the two sides and creating opportunities for enhanced cooperation in the years ahead," it said.Singapore trade, investmentIn a separate statement, the ministry said India and Singapore reviewed the ongoing collaboration in semiconductor sector and digitalisation of trade, and explored potential partnerships in skills development and capacity building.The issues were taken up at the fourth meeting of the India-Singapore Joint Working Group on Trade and Investment (JWGTI) held on August 14 in New Delhi."The 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 ministry said.Singapore is India's largest trading partner within Asean, with total bilateral trade of $34.26 billion in FY25.It is also India's second-largest source of foreign direct investment with equity inflows of $163.85 billion between April 2000 and July 2024, accounting for about 24% of India's total inflows.