Prime Minister Narendra Modi will travel to Jakarta, Indonesia, on Wednesday to attend the 20th ASEAN-India Summit and the 18th East Asia Summit (EAS), where he will assess progress and security in India-ASEAN relations, especially in the area of trade.
External Affairs Minister (East) Saurabh Kumar said the prime minister’s visit to Indonesia will be short as he has to return to India for the G20 summit and no bilateral meetings will be scheduled during the Asean and East Asia summits. Tuesday’s briefing. Modi will return to India on September 7.
The ten ASEAN countries – comprising Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia – are India’s important trading partners, accounting for 11.3% of India’s global trade in 2022-23.
However, since the implementation of the ASEAN-India Trade in Goods Agreement (AITIGA) in January 2010, the trade deficit between the two countries has widened significantly, prompting India to request a review. India’s trade deficit with Asean, which was about $5 billion in 2010-11, soared to $43.57 billion in 2022-23. In 2022-23, India exported goods worth $44 billion to Asean while importing $87.57 billion from Asean.
Both countries have now decided to initiate the AITIGA review process, with India insisting on more balanced trade.
The secretary of state said that while the Indian prime minister would mention trade at the summit as an important item of engagement with the bloc, its specifics would be resolved during the negotiations.
The ASEAN-India summit will be the first since the two sides upgraded their relationship to a comprehensive strategic partnership last year.
Kumar said the Indonesian government moved up the East Asia summit so that Modi could come back early for the G20 summit.
