ASEAN Economic Ministers Concerned About Slow Progress Of ASEAN-India FTA Talks - Tengku Zafrul
By Anas Abu Hassan
KUALA LUMPUR, May 25 (Bernama) -- ASEAN Economic Ministers have raised concern over the slow progress of the bloc’s free trade agreement (FTA) talks with India, according to Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
“We are concerned that the ASEAN-India FTA is not moving as fast as it should,” he told a press conference here today after the conclusion of 25th ASEAN Economic Community (AEC) Council Meeting held in conjunction with the 46th ASEAN Summit.
Details for the slow progress were not revealed.
The ASEAN-India Framework Agreement on Comprehensive Economic Cooperation was signed during 2nd ASEAN-India Summit in 2003 -- the framework agreement laid a sound basis for the establishment of an ASEAN-India Free Trade Area, which covers goods, services and investment.
Subsequently, the signing of the ASEAN-India Trade in Goods Agreement (AITIGA) was completed on Aug 13, 2009, in Bangkok and entered into force on Jan 1, 2010.
As of 2023, ASEAN was India's seventh largest trading partner with a total trade of more than US$130 bilion (US$1=RM4.23), comprising US$44 billion of export and US$87 billion of import.
Chaired by Tengku Zafrul, the 25th AEC Council Meeting was attended by Deputy Minister of Investment, Trade and Industry Liew Chin Tong; Brunei's Minister of Finance and Economy II Datuk Awang Mohd Amin Liew Abdullah; Cambodia’s Minister of Commerce Cham Nimul; Vietnam’s Minister of Industry and Trade Nguyen Hong Dien; Indonesian Trade Minister Budi Santoso; and Laos’ Minister of Industry and Commerce Malaithong Kommasith.
Other representatives included Department of Trade and Industry Undersecretary Allan B. Gepty (Philippines), Deputy Prime Minister Gan Kim Yong (Singapore), Minister of Commerce Pichai Naripthaphan (Thailand) and Deputy Prime Minister Francisco Kalbuadi Lay (Timor-Leste).
The 46th ASEAN Summit, being held under Malaysia’s 2025 chairmanship themed “Inclusivity and Sustainability”, marks Malaysia’s fifth time chairing the regional bloc.
-- BERNAMA