India welcomes ASEAN's positive response to review of free trade pact
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New Delhi, Nov. 3 -- Prime Minister Narendra Modi on Sunday welcomed a decision for a relook at a free trade agreement (FTA) between India and the 10-member Association of Southeast Asian Nations (ASEAN). India and ASEAN last month initiated a review of the bilateral free trade agreement in goods to make it "more user-friendly, simple and trade facilitative".
In 2003, India and ASEAN signed a Framework Agreement on Comprehensive Economic Cooperation between to establish an ASEAN-India Regional Trade and Investment Area, which would provide a basis for subsequent FTAs covering goods, services and investment. The India-ASEAN Trade in Goods Agreement (AITIGA) was signed in 2009 and it is this that both sides have agreed to review.
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