Union Minister of State for Commerce & Business and Electronics & Info Know-how (IT) Jitin Prasada met Malaysian Deputy Minister of Funding, Commerce, and Business Liew Chin Tong in New Delhi to debate commerce, semiconductor collaboration, and manufacturing certification.
Officers from India’s Ministries of Exterior Affairs, Commerce & Business, Electronics & IT, and the Bureau of Indian Requirements (BIS), together with Malaysia’s Ministry of Funding, Commerce, and Business, attended the assembly.
Malaysia is India’s third-largest buying and selling accomplice within the Affiliation of Southeast Asian Nations (ASEAN), with bilateral commerce reaching $20.02 billion in FY 2023-24, accounting for 17% of India’s commerce with the bloc.
Either side agreed to fast-track the ASEAN-India Commerce in Items Settlement (AITIGA) evaluation for completion by 2025, as Malaysia will chair ASEAN that yr.
India seeks a country-wise evaluation of AITIGA to deal with its rising commerce deficit with ASEAN, the place imports have surged 186% since FY 2010-11, far exceeding export progress.
Indian industries, significantly in metal and electronics, have raised issues over low cost ASEAN imports, pushing India to hunt better flexibility in commerce negotiations.
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