Kuala lumpur: The ASEAN-India Trade in Goods Agreement (AITIGA) has seen real progress, with ASEAN committed to concluding the agreement by the end of the year. Prime Minister Datuk Seri Anwar Ibrahim said ASEAN leaders are pleased to continue their discussions and cooperation with India as both sides advance the ASEAN-India Plan of Action (2026-2030).
According to BERNAMA News Agency, Anwar expressed optimism about concluding the AITIGA within the current year, highlighting the significant progress made, which extends beyond just Malaysia. He made these remarks during his opening speech at the 22nd ASEAN-India Summit.
The AITIGA, originally signed in 2009, has been undergoing a review process since 2023. The agreement aims to facilitate the free flow of goods between ASEAN nations and India, which would lead to reduced trade barriers, enhanced economic linkages, lower business costs, increased trade, a larger market, and economies of scale for businesses.
Anwar emphasized that ASEAN-India dialogue relations serve as a stabilizing force promoting mutual prosperity. He noted that India’s economic progress in multiple sectors would benefit both ASEAN and India. Additionally, he highlighted Malaysia’s long-standing relationship with India, citing the significant ethnic Indian community in Malaysia and the robust trade, investment, and educational ties between the two nations.
Indian Prime Minister Narendra Modi attended the summit virtually. The 22nd ASEAN-India Summit took place alongside the 47th ASEAN Summit and Related Summits, hosted by Malaysia from October 26 to 28 at the Kuala Lumpur Convention Centre. Philippine President Ferdinand Marcos Jr served as the country coordinator for ASEAN-India dialogue relations.
India has been ASEAN’s dialogue partner since 1996, with bilateral trade reaching USD106.83 billion in 2024, marking an increase from USD100.72 billion in 2023. Despite this growth in trade, foreign direct investment from India to ASEAN decreased by 34.97 percent to USD3.31 billion in 2024, down from USD5.09 billion in 2023.