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 take stock of progress in India-ASEAN ties, especially in the area of trade and security.
Since the PM has to return to India for the G20 Summit, his visit to Indonesia will be brief and no bilateral meetings have been scheduled on the sidelines of the ASEAN and East Asia Summits, said Ministry of External Affairs Secretary (East) Saurabh Kumar at a briefing on Tuesday. Modi will be back in India on September 7.
The ten-member ASEAN — which includes Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia — is India’s significant trade partner and accounted for 11.3 per cent of India’s global trade in 2022-23.
However, since the ASEAN India Trade in Goods Agreement (AITIGA) was implemented in January 2010, the trade deficit between the two countries has widened significantly, prompting India to ask for a review. India’s trade deficit with the ASEAN, which was at about $5 billion in 2010-11, spiralled to $43.57 billion in 2022-23. India exported goods worth $44 billion in 2022-23 to the ASEAN while its imports from the bloc were at $87.57 billion.
The two sides have now decided to start the review process for the AITIGA with India insisting on a more balanced trade.
While the Indian PM will mention trade, which was an important item of engagement with the grouping, at the summit, the detailed aspects of it would be worked out during the negotiations, the Secretary said.
The ASEAN-India Summit will be the first summit since the elevation of ties between the two sides to a comprehensive strategic partnership last year.
The Indonesian government advanced the timings of the EAS so that Modi could come back early for the G20 Summit, Kumar said.