ASEAN-India Trade in Goods Agreement

Context:

• India and the Association of Southeast Asian Nations (ASEAN) recently agreed to conclude the review of their existing free trade agreement in goods by 2025 which is known as ASEAN-India Trade in Goods Agreement (AITIGA).
  • A free trade agreement is a pact between two or more nations to reduce barriers to imports and exports among them. 

About ASEAN-India Trade in Goods Agreement (AITIGA):

• The AITIGA is a trade deal between the ten member states of ASEAN and India.
• ASEAN and India signed the Agreement at the 7th ASEAN Economic Ministers-India Consultations in Bangkok, Thailand in 2009. The Agreement, which came into effect in 2010, is sometimes referred to as the ASEAN-India Free Trade Agreement.
• This framework agreement set the basis for India and ASEAN to negotiate future trade agreements. The Agreement covers trade in physical goods and products and does not apply to trade in services.

About Association of Southeast Asian Nations(ASEAN):

• It was established on 8 August 1967 in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration).
• It is a political and economic union of 10 member states in Southeast Asia.
• The motto of ASEAN is “One Vision, One Identity, One Community”.

Institutional Mechanism of ASEAN.

• Chairmanship of ASEAN: It rotates annually, based on the alphabetical order of the English names of ASEAN member states.
• ASEAN Summit: 
  • The ASEAN Summit is the highest policy-making body in ASEAN comprising the Head of States or Government of ASEAN Member States. 
  • The ASEAN Summit is held twice annually.
  • The First ASEAN Summit was held in Bali, Indonesia on 23-24 February 1976
• ASEAN Coordinating Council (ACC):
  • Established in 2008, ACC comprises the ASEAN Foreign Ministers and meets at least twice a year to prepare for the ASEAN Summit. 
  • The ACC coordinates the implementation of the mandate of ASEAN Leaders and all cross-pillar initiatives of ASEAN.
• ASEAN Community Councils:
  • The ASEAN Community Councils comprise the Council of all the three pillars of ASEAN. Under their purview are the relevant ASEAN Sectoral Ministerial Bodies.
    • ASEAN Political Security Council
    • ASEAN Economic Community Council
    • ASEAN Socio Cultural Community Council

Forums led by ASEAN:

• ASEAN Regional Forum (ARF): The 27 member multilateral grouping was developed in 1993 to facilitate cooperation on political and security issues to contribute to regional confidence-building and preventive diplomacy.
• ASEAN Plus Three: The consultative group initiated in 1997 brings together ASEAN’s ten members, China, Japan, and South Korea.
• East Asia Summit (EAS): First held in 2005, the summit seeks to promote security and prosperity in the region and is usually attended by the heads of state from ASEAN, Australia, China, India, Japan, New Zealand, Russia, South Korea, and the United States. ASEAN plays a central role as the agenda-setter.

Member Countries:

• ASEAN Secretariat – Indonesia, Jakarta.
• Members:

News Source: Economic Times