India and ASEAN agree to review trade pact by 2025

NEW DELHI (Reuters) – India and the Association of Southeast Asian Nations (ASEAN) have agreed to review their trade pact by 2025, the Indian government said on Monday, less than a month after India’s trade minister called the agreement unfair to the Indian industry.

The decision came at a meeting of economic ministers from the two sides in Indonesia on Monday, the statement from Indian government said. The ASEAN-India Trade in Goods Agreement (AITIGA) was signed in 2009.

“The review of AITIGA is expected to enhance and diversify trade while addressing the current asymmetry in the bilateral trade,” the statement said.

In July, India’s Trade Minister Piyush Goyal had termed the pact “ill-conceived” and unfair to Indian industry.

(Reporting Shivangi Acharya, Writing by Shivam Patel; editing by Barbara Lewis)