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India-ASEAN FTA review to be fast-tracked amid US tariff hikes
India and Southeast Asia's ASEAN group just agreed to speed up their Free Trade Agreement (FTA) review, after US tariff hikes made things tougher for Indian exports.
They've been at this for a while—nine rounds of talks with not much progress—but now both sides want to wrap up the review by the end of 2024.
Their next big meeting is set for October 2024 in Indonesia.
Why the FTA review is important
The FTA, active since 2010, has faced criticism because India buys way more from ASEAN than it sells—imports are about $86 billion, while exports are only around $38-39 billion.
The review aims to address this imbalance by looking at both tariff and non-tariff barriers, as well as regulatory compliance issues.